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Discussion :: IBPS BANK EXAM TEST 4

  1. What will be the compound interest accrued on a sum of Rs. 6500 at the rate of 4% per annum in 2 years ?
    2. A.

    Rs. 520.40
    B.

    Rs. 7037.20
    C.

    Rs. 533.40
    D.

    Rs. 7030.40
    E.

    None of these

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    Answer : Option E

    Explanation :

    C.I = p[(1+R/100)T - 1 ]
    = 6500 [(1+4/100)2 - 1]
    = 6500 [(26/25)2 - 1]
    = 6500 (676 - 625)/625
    = 6500*51/625
    = Rs. 530.40

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