NIACL Model Paper 6 with solutions for free online practice

Question : 58 of 100

Marks: +1, -0

Mr. Sharma invested an amount of Rs. 25,000 in fixed deposit at compound interest at the rate of 8 p.c.p.a. for two years. What amount Mr. Sharma will get on maturity ?

Rs. 28,540
Rs. 29,160
Rs. 29,240
Rs. 28,240
None of these

Validate

Solution:

(2)A = P

[1+ R/100]^T

= 25000 [1 +8/ 100]^2

=Rs.

[25000 ×27/ 25 ×27/25]

= Rs. 29160

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