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Question

Choose the correct answers from the alternatives given.
If Rs. 5,000 becomes Rs. 5.700 in a years time, what will Rs.7.000 become at the end of 5 years at the same rate of interest?

A
Rs.10,500
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B
Rs. 11,900
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C
Rs.12.700
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D
Rs. 7,700
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Solution

The correct option is B Rs. 11,900
Interest = Amount - Principal
= 5700 - 5000 700
We know that,
Interest = p×R×T100
700 = 5000×R×1100
R=14%
A= P + p×R×T100
=7000(1+14×5100)=7000×(1+710)=7000×1710
= Rs. 11900

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