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Find the compound interest on Rs 1,000/- for 3 years if the rate of interest is 4% for the first year, 5% for the second year and 6% for the third year.

A) 1575.2
B) 2000.8
C) 4001.6
D) 3618.4
E) None of these

Correct Answer:

A) 1575.2

Description for Correct answer:
Compound Interest

= 1000 ( 1 + \( \Large \frac{4}{100} \) ) ( 1 + \( \Large \frac{5}{100} \) ) ( 1 + \( \Large \frac{6}{100} \) ) - 10000

= 10000 ( \( \Large \frac{26}{25} \) ) ( \( \Large \frac{21}{20} \)) ( \( \Large \frac{53}{50} \) ) - 10000

= 11575.20 - 10000

Rs . 1575.2/-

Part of solved SBI JuniorAssociate-5 questions and answers : Exams >> Bank Exams >> SBI JuniorAssociate-5

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