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Question

The compound interest on a certain sum of money at 5% per annum for two years is ₹246. Calculate the simple interest on the same sum for three years at 6% per annum.


A

430

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B

432

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C

442

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D

452

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Solution

The correct option is B

432


We know that, C.I=P[(1+r100)n1]where P is the principal, r is the rateof interest and t is the time period.

Hence, 246=P[(1+5100)21]

246=P[(2120)×(2120)1]246=P×(41400)

P=246×40041= 2400

Now, P= 2400,r=6% per annum and t = 3 years

S.I=P×r×t100=2400×6×3100=432


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