2025 · Q76
How much will ₹10,000 amount to in one year's time at 4% rate of interest per annum if the interest is compounded once in every three months? (take approximate value)
Elementary MathematicsSimple and Compound Interest
- A₹10,406
- B₹10,416
- C₹10,426
- D₹10,436
Explanation
Quarterly compounding at 4% p.a. means 1% per quarter for 4 quarters: 10000(1.01)⁴ = 10000 × 1.04060401 ≈ ₹10,406, option (a).