Riya invests ₹ 10,000 in a savings account that offers an annual compound interest rate of 8\% , compounded yearly. How much money will she have in th - Quantitative Aptitude MCQ Practice Test 2026 | ExamTest.live

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Riya invests ₹ 10, 000 in a savings account that offers an annual compound interest rate of 8%, compounded yearly. How much money will she have in the account after 3 years?

Solution & Step-by-step Explanation

Given: Principal (P) = ₹ 10, 000 Rate of Interest (R) = 8% per annum Time (n) = 3 years Formula for total Amount (A) under compound interest: A = P (1 + \frac{R}{100})^{n} A = 10000 (1 + \frac{8}{100})^{3} A = 10000 (1.08)^{3} A = 10000 \times 1.259712 = ₹ 12597.12

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Riya invests ₹ 10, 000 in a savings account that offers an annual compound interest rate of 8%, compounded yearly. How much money will she have in the account after 3 years?

₹ 12, 597.12

₹ 12, 845.34

₹ 12, 333.21

₹ 12, 450.23

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