Compound Interest Practice Test 1

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Question : 6 of 40

Marks: +1, -0

Find the amount received by Swapnil for Rs 7,500 at 12% per annum for 2 months, compounded monthly.

Rs 7,650
Rs 5,760
Rs 6,570
Rs 7,560
Rs 6,750

Solution:

Amount

=P(1+r/{12×100})^{12t}

=7500(1+12/{12×100})^{2/12×12}

=7500(101/100)^2

≈ Rs 7,650

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