The compound interest on Rs. $10{,}000$ at $10\%$ p.a. for $3$ years compounded annually is

The compound interest on Rs. $10{,}000$ at $10\%$ p.a. for $3$ years compounded annually is
  1. Rs. $3{,}000$
  2. Rs. $3{,}310$
  3. Rs. $3{,}500$
  4. Rs. $3{,}630$

Solution

$A = 10000 \times (1.10)^{3} = 10000 \times 1.331 = 13310$. CI $= 13310 - 10000 = 3310$.

Asked in: IMO

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