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A man saves Rs. 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years?

/ Compound Interest, Mathematics Mcqs / By
A man saves Rs. 200 at the end of each year and lends the money at 5% compound interest. How much will it become at the end of 3 years?

A. Rs. 565.25
B. Rs. 635
C. Rs. 662.02
D. Rs. 666.50
Explanation:
Amount = [200(1 + 5/100)3 + 200(1 + 5/100)2 + 200(1 + 5/100)]
= [200 * 21/20(21/20 * 21/20 + 21/20 + 1)] = Rs. 662.02