The compound interest on Rs.64,000 for 3 years, compounded annually at 7.5% per annum is
A
Rs.14,400
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B
Rs.15,705
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C
Rs.15,507
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D
Rs.15,075
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Solution
The correct option is DRs.15,507 Principal=64000 Rate=7.5%p.a Time=3years Where r is the rate and t is the time. CI=64000(1+7.5/100)3−64000 =64000(1+75/1000)3−64000 =64000(1+3/40)3−64000 =64000×(43/40)3−64000 =64000×(43/40×43/40×43/40)−64000 =(43×43×43)−64000 =79507−64000 =15507 Hence CI will be 15507 rupees