Compound Interest Practice Test 3

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Question : 28 of 40

Marks: +1, -0

Find the price of gold worth Rs 54,000 after 3 years if it is appreciated at the rate of 80%per annum compounded annually.

Rs 3,84,140
Rs 3,15,780
Rs 3,14,928
Rs 3,17,845
Rs 3,71,480

Solution:

Value after 3 years

=54,000(1+80/100)^3

=5,400×18/10×18/10×18/10

= Rs 3,14,928

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