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Question

Mr. Peter invests an amount of Rs. 12200 at the rate of 2 p.c.p.a. for 4 years to obtain a simple interest . Later he invests the principal amount as well as the amount obtained as simple interest for another 3 years at the same rate of interest. What amount of simple interest will he obtain at the end of the last 3 years?

A
790.56
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B
1285
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C
1585
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D
1265
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Solution

The correct option is B 790.56
Amount after 4 years=P+SI

A=12200+12200×4×2100=12200+976=Rs. 13176

Now for next three year simple interest is

SI=13176×3×2100=790.56

Hence, the amount of simple interest will he obtain at the end of the last 3 years is Rs. 790.56

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