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What is the compound interest for 2 years on a sum of Rs7,200 at the rate of 15% per annum, if interest is compounded
annually?
Rs2,428
Rs2,322
Rs2,527
Rs2,829
To calculate compound interest, we'll use the formula:
A=P(1+r100)n
- Where:
- A = the amount after n years
- P = principal amount (Rs7,200)
- r = annual interest rate (15%)
- n = number of years (2 years)
- Calculating the total amount:
A=7200(1+15100)2
A=7200×1.152
A=7200×1.3225
A=9513
- The compound interest is:
9513−7200=2313
Comparing options:
- Option 1: Rs2,428
- Option 2: Rs2,322
- Option 3: Rs2,527
- Option 4: Rs2,829
The correct compound interest is Rs2,313, which isn't exactly listed, but the closest option is Rs2,527.
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