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प्रश्न
Three years ago, the price of a plot of land was ₹ 1,20,000. If the price of land increased at 10% p.a., what is its present price?
योग
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उत्तर
Given, three years ago, the price of a plot of land was ₹ 120000.
Principal, P = ₹ 120000
Time, T = 3 years
Rate of interest, R = 10% p.a. annum
Amount = `P(1 + R/100)^T`, where P is the principal, R is the rate of interest and T is the time period
∴ Present price of the land = `120000(1 + 10/100)^3`
= `120000(11/10)^3`
= 159720
Hence, the present price of land is ₹ 159720.
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