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A sum amounts to Rs8,028 in 3 years and to Rs12,042 in 6 years at a certain rate percent per annum, when the interest is
compounded yearly. The sum is:
Rs5,352
Rs5,235
Rs5,325
Rs5,253
To solve the given problem regarding compound interest:
- You know the amount after 3 years is Rs8,028.
- After 6 years, it becomes Rs12,042.
- Interest is compounded yearly, which means it grows at a rate "r" per period (year).
- We use the compound interest formula: A = P(1 + r/100)^n.
- For the amount to double from 3 to 6 years, it grows by similar rate at intervals.
- Calculate the initial principal amount "P" by equating both scenarios.
Following the process:
- The ratio of amounts from 3 years to 6 years (12,042 / 8,028) equals (1 + r/100)^3, which is approximately 1.5.
- P(1 + r/100)^3 = 8,028 ? P = 8,028 / (1 + r/100)^3.
- P(1 + r/100)^6 = 12,042 ? Solve for P using the above expression and substitute.
Based on these calculations, the correct sum should be: Rs5,352.
Option:1, Rs5,352 is the correct answer.
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