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Understanding Compound Interest Using Simple Interest (Rate Compounded Annually)

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Question

The simple interest on a certain sum for 6 years at 14% per annum is Rs. 470.40. The sum is ______ .

A

Rs. 530

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B

Rs. 560

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C

Rs. 510

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D

Rs. 550

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Solution

The correct option is B
Rs. 560

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