What is the compound interest on Rs 75000 at 6% per annum for 3 years, compounded annually

8857420

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8857620

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8867620

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8868840

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8932620

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Solution

The correct option is B 8857620
$Total amount after 3 years = 75000 \times (1 + \frac{6}{100})^{3} = 75000 \times \frac{106}{100} \times \frac{106}{100} \times \frac{106}{100} = 8932620 Total interest = 8932620 - 75000 = 8857620$

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