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Question

A man invests Rs. 30,800 at 5% per annum compound interest for 3 years. Calculate:
the interest for the first year.

A
Rs. 1,540
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B
Rs. 1,627
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C
Rs. 1,721
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D
Rs. 1,863
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Solution

The correct option is A Rs. 1,540
Given,
Principle, P=30800.
Rate of interest, R=5%.
Time, T=3years.
Compound interest is given as,
CI=P[(1+R100)T1] ...... (1)
Put P=30800, R=5%, and T=1 in equation (1).
CI=30800[(1+5100)11]
=30800[(105100)1]
=30800(5100)
=308×5
CI=1540 Rs

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