Ram deposited an amount of ₹8,000 in a bank's savings account with interest 6.5% compounded monthly. What amount will he get at the end of 18 months?
Answer
The correct answer is A: ₹8816.97. Using compound interest formula A = P(1 + r/n)^(nt) with P=8000, r=0.065, n=12, t=1.5: A = 8000(1 + 0.065/12)^18 ≈ 8000 × 1.1021 ≈ ₹8816.97.
A.₹8816.97✓ Correct
B.₹8790.54
C.₹8788.98
D.₹8907.56
Explanation
Using compound interest formula A = P(1 + r/n)^(nt) with P=8000, r=0.065, n=12, t=1.5: A = 8000(1 + 0.065/12)^18 ≈ 8000 × 1.1021 ≈ ₹8816.97.
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