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Discussion :: IBPS BANK EXAM TEST 7

  1. The compound interest accrued on an amount at the end of two years at the rate or of 16 p.c.p.a is Rs. 3041.28. What is the amount?
    2. A.

    Rs. 10500
    B.

    Rs. 9000
    C.

    Rs. 7250
    D.

    Rs. 8800
    E.

    None of these

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    Answer : Option D

    Explanation :

    C.I = P[(1 + R/100)T - 1]
    =>3041.28 = P[(1 + 16/100)T - 1]
    => 3041.28 = P[(29/25)2 - 1]
    => 3041.28 = P[841/625 - 1]
    => 3041.28 = P[216/625]
    => P = 3041.28 * 625/216
    P = 8800

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