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If compound interest received on a certain amount in the 2nd year is Rs. 250. What will be the compound interest (in Rs.) for the 3rd year on the same amount at 12% rate of interest?
- A250
- B300
- C280
- D270
Answer not set
Discussion 1
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CCommunity
CI of the 2nd year = Rs. 250
⇒ CI of the 3rd year will be = [CI of 2nd year] + [12% interest on CI of 2nd year].
∴ CI of 3rd year = 250 + 250 × 0.12 = Rs. 280
⇒ CI of the 3rd year will be = [CI of 2nd year] + [12% interest on CI of 2nd year].
∴ CI of 3rd year = 250 + 250 × 0.12 = Rs. 280