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Question

There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate?


A

Rs.3794

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B

Rs.3714

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C

Rs.4612

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D

Rs.4634

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Solution

The correct option is D

Rs.4634


Let P = Rs.100

Simple Interest = Rs. 80 (80% increase is due to the simple interest )

Rate of interest =(100×SIPT)=100×80100×8=10% per annum

Now let's find out the compound interest of Rs. 14000 after 3 years at 10%

P = Rs. 14000

T= 3 years

R = 10%

Amount after 3 years = P(1+R100)T

= 14000(1+10100)3

=14000(110100)3

= 14000(1110)3

= 14×113= Rs.18634

Compound Interest = Rs.18634 - Rs.14000 = Rs. 4634


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