A person took a loan of ₹ 6,000 from a bank and agreed to pay back the amount along with interest in 2 years. If the rate of compound interest for the first year is 10% and second year is 12%, the amount he had to pay after 2 years will be:

1. ₹ 7,329

2. ₹ 7,932

3. ₹ 7,292

4. ₹ 7,392

Given,

P = ₹ 6,000

r₁ = 10%

r₂ = 12%

n = 2 years

By formula,

Amount = $P \times \Big(1 + \dfrac{r$1}{100}\Big) \times \Big(1 + \dfrac{r2}{100}\Big)

Substituting the values in formula,

$\Rightarrow A = 6000 \times \Big(1 + \dfrac{10}{100}\Big) \times \Big(1 + \dfrac{12}{100}\Big) \\[1em] \Rightarrow A = 6000 \times \Big(\dfrac{100 + 10}{100}\Big) \times \Big(\dfrac{100 + 12}{100}\Big) \\[1em] \Rightarrow A = 6000 \times \Big(\dfrac{110}{100}\Big) \times \Big(\dfrac{112}{100}\Big) \\[1em] \Rightarrow A = 6000 \times \Big(\dfrac{11}{10}\Big) \times \Big(\dfrac{28}{25}\Big) \\[1em] \Rightarrow A = \dfrac{6000 \times 11 \times 28}{10 \times 25} \\[1em] \Rightarrow A = ₹ 7,392.$

Hence, option 4 is correct option.