Jaspreet deposited a sum of ₹28,450 at 20% rate of interest per annum, compounded annually. The total amount received by Jaspreet after 2 years is:

Correct option is B

Given
Principal (P) = ₹28,450
Rate (R) = 20% per annum
Time (T) = 2 years
Formula Used
Amount = P $$\times (1 + \frac{R}{100})^T$$​​
Solution
Amount = $$28450 \times (1 + \frac{20}{100})^2$$​​

Amount =  $$28450 \times (\frac{120}{100})^2$$​​

Amount = $$28450 \times (\frac{6}{5})^2$$​

Amount = $$28450 \times \frac{36}{25}$$​​
Amount = $$1138 \times 36$$​​
Amount = 40968
Final Answer
So the correct answer is (b) 
Exam Hall Method: