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Formula for CI

An amount of ...

Question

An amount of Rs. 500 gets added to the principal amount at the end of every year for 4 years. If the principal amount is Rs.4500, find the rate of interest.

A

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B

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C

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D

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Solution

The correct option is D

$T o t a l a m o u n t a d d e d = 500 \times 4 = 2000$

$∴ \frac{4500 \times R \times 4}{100} = 2000$

$R = \frac{20 \times 100}{45 \times 4} = \frac{100}{9}$

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