Compound Interest Practice Test 6

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Question : 5 of 9

Marks: +1, -0

Find the amount paid by Nakul at the end of 3 years if he borrowed Rs 500 at 3%, 4% and 2% for the first year, second year and third year respectively.

Rs 546.312
Rs 539.142
Rs 520.125
Rs 550.213
Rs 565.330

Solution:

Amount

=500(1+3/100)(1+4/100)(1+2/100)

=500×103/100×26/25×51/50

= Rs 546.312

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