Find compound interest on Rs. 7500 at 4% per annum for 2 years, compounded annually
A) Rs.512 B) Rs.515 C) Rs.612 D) Rs.522
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Answer:
612 is the correct answer
Answered by
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Answer:
given: P = Rs 7500, r = 4%, n = 2
to find C.I.
C.I. = P { (1+r/100)ⁿ - 1 }
=> 7500 { (1 + 4/100)² - 1 }
=> 7500 { 1 + 1/25)² - 1 }
=> 7500 { (26/25)² - 1 }
=> 7500 { 1.086 - 1 }
=> 7500 { 0.086 }
=> Rs 612 Answer
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