If ₹2,000 is invested at an annual compound interest rate of 6% for 3 years, what is the amount after 3 years? (In nearest rupee)

Correct option is D

Given:

Principal (P) = ₹2,000

Annual compound interest rate (R) = 6%

Time (T) = 3 years

Formula Used:

The formula for compound interest is:

A = $$P \times \left(1 + \frac{R}{100}\right)^T$$​​

Where:

A is the amount after T years

P is the principal

R is the interest rate per annum

T is the time in years

Solution: 

Applying the formula;

​$$A = 2000 \times \left(1 + \frac{6}{100}\right)^3$$​​

​$$= 2000 \times \left(1.06\right)^3$$​​

=2000 × 1.191016

= ₹2,382.03

Thus, the amount be ₹2,382(nearest integer)