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The compound interest on Rs.8,000 at 15% per annum for 2 years 4 month, compounded annually is,

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The compound interest on Rs.8,000 at 15% per annum for 2 years 4 month, compounded annually is,
1). Rs.2980
2). Rs.3091
3). Rs.3109
4). Rs.3100

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2 answers

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Answered by on | Votes 0 |
Rs.3091

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Answered by on | Votes 1 |

Here is the right answer

Amount = P$(1+\frac{(R)^{t}}{100})$

$8000\times\frac{23}{20}\times\frac{23}{20}\times\frac{21}{20}$

= 11109
 Compound Interest
= (11109 – 8000) = 3109.




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