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Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.
- a)Rs 512
- b)Rs 552
- c)Rs 612
- d)Rs 622
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Find compound interest on Rs 7500 at 4% per annum for 2 years, compoun...
Amount = Rs [7500 × (1 + 4/100)²]
= Rs (7500 × 26/25 × 26/25)
= Rs 8112
C.I. = Rs (8112 – 7500)
= Rs 612
= Rs (7500 × 26/25 × 26/25)
= Rs 8112
C.I. = Rs (8112 – 7500)
= Rs 612
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Find compound interest on Rs 7500 at 4% per annum for 2 years, compoun...
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Find compound interest on Rs 7500 at 4% per annum for 2 years, compoun...
Given data:
Principal amount (P) = Rs 7500
Rate of interest (R) = 4%
Time period (T) = 2 years
Number of times interest is compounded annually = 1
Formula for compound interest:
Compound Interest = P[(1 + R/100)^T - 1]
Calculation:
- Plugging in the values in the formula:
Compound Interest = 7500[(1 + 4/100)^2 - 1]
Compound Interest = 7500[(1.04)^2 - 1]
Compound Interest = 7500[(1.0816) - 1]
Compound Interest = 7500[0.0816]
Compound Interest = Rs 612
Therefore, the compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually is Rs 612.
Hence, the correct answer is option C) Rs 612.
Principal amount (P) = Rs 7500
Rate of interest (R) = 4%
Time period (T) = 2 years
Number of times interest is compounded annually = 1
Formula for compound interest:
Compound Interest = P[(1 + R/100)^T - 1]
Calculation:
- Plugging in the values in the formula:
Compound Interest = 7500[(1 + 4/100)^2 - 1]
Compound Interest = 7500[(1.04)^2 - 1]
Compound Interest = 7500[(1.0816) - 1]
Compound Interest = 7500[0.0816]
Compound Interest = Rs 612
Therefore, the compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually is Rs 612.
Hence, the correct answer is option C) Rs 612.
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Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer?
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Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer?.
Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Find compound interest on Rs 7500 at 4% per annum for 2 years, compounded annually.a)Rs 512b)Rs 552c)Rs 612d)Rs 622Correct answer is option 'C'. Can you explain this answer?.
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