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Question

Find compounded interest paid when a sum of Rs.10,000 is invested for 1 year and 3 months at 17/2% per annum compounded annually.

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Solution

P=Rs.10,000
R=172% p.a
T=1 year 3 months

Amount at the end of 1 year=P(1+R100)n

=10000(1+17200)1

=10000×217200

=Rs.10850

S.I for 3 months =10850×312×172100

=10850100×14×172

=Rs.230.56

Amount=10850+230.56=Rs.11080.56

C.I=AP=11080.5610000=Rs.1080.56

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