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Krishna invested an amount of Rs. 5000 in a fixed deposit scheme for 3 years at compound interest rate 10% p.a. How much amount will Krishna get on maturity of the fixed deposit?
1. Rs. 6655
2. Rs. 6000
3. Rs. 5000
4. Rs. 7000

1 Answer

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Best answer
Correct Answer - Option 1 : Rs. 6655

Given:

Amount = 5000

Time = 3 years

Rate of interest = 10%

Formula:

Amount = P(1 + R/100)n

Here, P = Principal, R = Rate, n = Time

Calculations:

Amount = 5000 × [1 + (10/100​)]3

⇒5000 × (11/10)(11/10)(11/10)

⇒6655 Rs.

Krishna will get Rs. 6655 as maturity on fixed deposit.

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