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Question

Find the compound interest at the rate of 5% per annum for 3 years on that principal which in 3 years at the rate of 5% per annum gives Rs 1200 as simple interest.

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Solution

We know that:P=SI×100RT P=1200×1005×3 =8,000Now,A=P1+R100n =8,0001+51003 =8,0001.053 =9,261Now,CI=A-P =9,261-8,000 =1,261Thus, the required compound interest is Rs 1,261.

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