• # question_answer What will be the compound interest obtained on a principal amount of Rs. 5500 at the rate of 3 p.c.p.a. after 2 years? A)  Rs.  343.95                   B)  Rs.  324.95 C)  Rs.  354.95          D)    None of these

$CI=P\left[ {{\left( 1+\frac{R}{100} \right)}^{T}}1 \right]$ $=5500\left[ {{\left( 1+\frac{3}{100} \right)}^{2}}1 \right]$ $=5500\left[ {{(1.03)}^{2}}\,\,1 \right]$ $=5500\left[ 1.0609\,\,\,\,\,1 \right]$ $=5500\,\,\,\,0.0609\,\,=Rs.\,\,334.95$