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Question

The simple interest accrued on an amount of Rs 84,000 at the end of three years is Rs 30,240. What would be the compound interest accrued on the same amount at the same rate in the same period?

  • Rs 30,013.95
  • Rs 31,013.95
  • Rs 32,013.95
  • Rs 33,013.95
  • Rs 34,013.95
Answer- E

Rate of interest = (30240×100)/(84000×3) = 12%

CI = P×[(1+{r/100}t)-1]

Apply values P = 84000, r=12, t=3 in the above formula,

You will get Rs 34,013.95


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