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How much will a sum of Rs. 7,250 amount to in a span of 2 years, at 6 p.c.p.a. rate of compound interest (Rounded off to the nearest integer) ?
- ARs. 8,176
- BRs.8,146
- CRs. 8,216
- DRs.8, 170
Answer not set
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Solution
$A = P (1 + \frac{R}{100})^T$
= $7250 (1 + \frac{6}{100})^2$
= $7250 \times (1.06)^2$ = Rs. 8,146
$A = P (1 + \frac{R}{100})^T$
= $7250 (1 + \frac{6}{100})^2$
= $7250 \times (1.06)^2$ = Rs. 8,146