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Find compound interest on Rs. 8000 at 15% per annum for 2 years 4 months, compounded annually.

A. 3109

B. 3210

C. 3901

D. 1309

Correct Answer : A.


            Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.                                                                                     Amount = Rs'. [8000 X (1+­(15/100))2 X (1+((1/3)*15)/100)]


                                 =Rs. [8000 * (23/20) * (23/20) * (21/20)]


                                 = Rs. 11109.                            .


                      :. C.I. = Rs. (11109 - 8000) = Rs. 3109.

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