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An amount of Rs.3000 is invested at an annual interest rate of 6%, compounded annually. How much will it be worth after 3 years?
  • a)
    Rs.3360   
  • b)
    Rs.3186   
  • c)
    Rs.3190   
  • d)
    Rs.3200
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
An amount of Rs.3000 is invested at an annual interest rate of 6%, com...
Use the compound interest formula: A = P(1 + r)^n. A = 3000(1 + 0.06)^3 ≈ 3190.
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An amount of Rs.3000 is invested at an annual interest rate of 6%, compounded annually. How much will it be worth after 3 years?a)Rs.3360b)Rs.3186c)Rs.3190d)Rs.3200Correct answer is option 'C'. Can you explain this answer?
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