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Question

Find the amount and interest on ₹ 1000 for 2 years at 8 % p.a compounded annually


A

₹ 1164.40 ,₹ 1000

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B

₹ 1160.40 ,₹ 140

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C

₹ 1166.40 ,₹ 166.40

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D

₹ 1125.40 ,₹ 850

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Solution

The correct option is C

₹ 1166.40 ,₹ 166.40


Principal = ₹ 1000, R = 8% and n = 2 years

Using P(1+R100)n = A we get

1000(1+8100)2 = A

1000×(108100)2 = 1166.40

Hence A = ₹ 1166.40

C.I = A - P

= ₹ 1166.40 - 1000

= ₹ 166.40


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