Compound Interest Practice Test 1

Question : 2 of 40

Marks: +1, -0

Find the CI on Rs 6,252 at 10% p.a. for 4years compounded annually.

Solution:

CI=6252(1+10/100)^4-6252

=6252×11/10×11/10×11/10×11/10-6252

= 9,153.55 -6,252 ≈ 2,901

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