Compound Interest Practice Test 1

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Question : 40 of 40

Marks: +1, -0

Govind invested an amount of Rs 14,720 at12.5% compound interest rate. Find the amount received by him at the end of 3 years.

Rs 18,820
Rs 25,001
Rs 37,625
Rs 20,959
Rs 25,012

Solution:

Amount

=P(1+r/100)^t

=14720(1+12.5/100)^3

=14720(9/8)^3=20958.75

≈ Rs 20,959

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