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What will be the compound interest on a principal of Rs. 8000 at the rate of 5% per annum compounded annually for three years?
1. Rs. 331
2. Rs. 1200
3. Rs. 1225
4. Rs. 1261

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Correct Answer - Option 4 : Rs. 1261

Given:

Principal = Rs. 8000

Rate of interest = 5% per annum

Time = 3 years

Formula used:

A = P(1 + r/100)n

Compound interest = A - P

Where, A = Amount

P = Principal

r = Rate of interest

n = Time in years

Calculation:

A = 8000(1 + 5/100)3

⇒ A = 8000 × 21/20 × 21/20 × 21/20

⇒ A = 9261

Compound interest = 9261 - 8000

⇒ Compound interest = Rs. 1261

∴ Compound interest is Rs. 1261.

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