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Question
A sum becomes ₹2,916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be-
Options
₹600
₹675
₹650
₹625
MCQ
Solution
₹675
Explanation:
A = `"P" (1 + "R"/100)^"T"`
⇒ `2916 = "x" (1 + 8/100)^2`
⇒ `2916 = "x" (27/25)^2`
⇒ `"x" = (2916 xx 25 xx 25)/(27 xx 27)`
= ₹2500
∴ S.I. = `("P" xx "R" xx "T")/100`
= `(2500 xx 9 xx 3)/100`
= ₹675
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Simple and Compound Interest (Entrance Exam)
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