Compound Interest Practice Test 2

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Question : 5 of 40

Marks: +1, -0

Govind invested an amount of Rs 14,720 at 12.5% 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)^r

=14720(1 +12.5/100)^3

=14720(9/8)^3

= Rs 20,958.75 ≈ Rs 20,959

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