If in 2 years at simple interest the principal increases by 18%, what will be the compound interest (in Rs) earned on Rs…
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If in 2 years at simple interest the principal increases by 18%, what will be the compound interest (in Rs) earned on Rs 7000 in 3 years at the same rate?
✓ Correct answer: b) 2065.2
ExplanationIn 2 years at simple interest the principal increases by 18%.Rate of interest = R = % Now, P = Rs. 7000, T = 3 years and R = 9% CI = P P CI = 7000 CI = 7000 CI = 9065.203 7000 CI = 2065.2 Hence, Option B is the correct answer.
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