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What will be the compound interest of 2 years at the rate of 15% per annum compounded annually for an amount of Rs. 2,800?1. Rs. 9562. Rs. 9033. Rs. 1,0004. Rs. 875 |
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Answer» Correct Answer - Option 2 : Rs. 903 Given: Sum = Rs.2800 Time = 2 years Rate of interest = 15% Formula used: CI = P[(1 + (r/100))t - 1] Calculations: CI = 2800[(1 + (15/100))2 - 1] ⇒ 2800 × [((100 + 15)/100)2 - 1] = 2800 × [(115/100)2 - 1] ⇒ 2800(1.3225 - 1) = 2800(0.3225) ⇒ 903 ∴ The compound interest = 903 |
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