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For an amount, simple interest at the rate of interest of 12% per annum for 6 years is Rs. 25920. What will be the compound interest (in Rs) on same amount at the rate of interest of 8% per annum compounding annually for 2 years?1). 4326.32). 5563.43). 5888.64). 5990.4 |
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Answer» From the problem’s statement: S.I = (p × r × t)/100 ⇒ 25920 = (p × 12 × 6)/100 ⇒ p = (25920 × 100)/(72) ⇒ p = 36000 Compound interest can be given as ⇒ CI = p((1 + 8/100)2 - 1) ⇒ CI = 36000 × (1.082 - 1) ⇒ CI = 5990.4 ∴ The CI is Rs. 5990.4 |
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