Correct Answer - Option 2 : Rs. 903
Given:
Sum = Rs.2800
Time = 2 years
Rate of interest = 15%
Formula used:
CI = P[(1 + (r/100))t - 1]
Calculations:
CI = 2800[(1 + (15/100))2 - 1]
⇒ 2800 × [((100 + 15)/100)2 - 1] = 2800 × [(115/100)2 - 1]
⇒ 2800(1.3225 - 1) = 2800(0.3225)
⇒ 903
∴ The compound interest = 903