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Question

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 D Rs.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)364000
=64000(1+75/1000)364000
=64000(1+3/40)364000
=64000×(43/40)364000
=64000×(43/40×43/40×43/40)64000
=(43×43×43)64000
=7950764000
=15507
Hence CI will be 15507 rupees

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