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Question

Tick (✓) the correct answer:
The compound interest on Rs 4000 at 10% per annum for 2 years 3 months, compounded annually, is
(a) Rs 916
(b) Rs 900
(c) Rs 961
(d) Rs 896

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Solution

(c) Rs 961

Here, A = P ×1+R1002×1+14R100= Rs. 4000×1+101002×1+14×10100 = Rs. 4000×100+101002×40+140 = Rs. 4000×1101002×4140 = Rs. 4000×1110×1110×4140 = Rs. 11×11×41 = Rs. 4961 Compound interest = amount -principal= Rs ( 4961- 4000)= Rs 961

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