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Vijay attains a loan of Rs. 64000 against his fixed deposits. If the rate of interest be 2.5 paisa per rupee per annum then calculate the compound interest payable after 3 years. (A) 68291 (B) 4219 (C) 4129 (D) 4921 |
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Answer» Correct option (D) 4921 Explanation: P = Rs. 64000, n = 3 years R = 2.5 paisa per rupee per annum = (2.5 × 100) paisa per hundred rupees per annum. = (2.5 x 100/100) percent per annum. = 2.5% per annum. Amount after 3 years = Rs. 64000 (1 +2.5 x 100)3 = (Rs, 64000 x 41 /40 x 41 x 40 x 41/40) = Rs. 68921 Compound interest payable after 3 years = Rs. 68921 – Rs, 64000 = Rs, 4921 |
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