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The compound interest accrued on an amount at the end of two years at the rate of 16% per annum is Rs 3041.28. What is the amount ?
- ARs 10500
- BRs 9000
- CRs 7250
- DRs 8800
Answer not set
Discussion 1
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CCommunity
Solution
Let the principal be P.
Hence, CI = $P(1+16\%)^2 - P$ = 1.3456P - P = 0.3456P = 3041.28
P = 3041.28/0.3456 = 8800
Let the principal be P.
Hence, CI = $P(1+16\%)^2 - P$ = 1.3456P - P = 0.3456P = 3041.28
P = 3041.28/0.3456 = 8800