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A sum becomes Rs. 33868.8 after 2 years under compound interest. The same amount at 10% compounded annually becomes 35937 after 3 years. Find the initial rate.1. 182. 153. 124. None of the above |
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Answer» Correct Answer - Option 3 : 12 Given: A sum becomes Rs. 33868.8 after 2 years under compound interest. The same amount at 10% compounded annually becomes 35937 after 3 years. Formula Used: In compound interest amount = P (1 + r /100)n [where principal be P and rate be r] Calculation: 35937 = P (1 + 10/100)2 [Where principal be P] ⇒ P = 27000 ⇒ 27000 (1 + r /100)2 = 33868.8 [Where rate be r] ⇒ R = 12% ∴ The initial rate is 12% |
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