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A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?
- a)Rs. 1,05,013.95
- b)Rs. 1,08,013.95
- c)Rs. 1,11,013.95
- d)Rs. 1,12,013.95
- e)Rs. 1,18,013.95
Correct answer is option 'E'. Can you explain this answer?
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Most Upvoted Answer
A person invests Rs. 84,000 at a certain simple interest rate for a p...
Interest on the amount = 1,14,240 - 84,000 = 30,240
Therefore, rate of interest = 
= 12%
= 12%Calculate the amount at compound interest.
= 5.376 21,952
= Rs. 1,18,013.95
Hence, this is the required result.
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Community Answer
A person invests Rs. 84,000 at a certain simple interest rate for a p...
Given:
Principal amount (P) = Rs. 84,000
Simple Interest (SI) = Rs. 1,14,240 - Rs. 84,000 = Rs. 30,240
Time (T) = 3 years
To find:
Amount received at the end of the term with compound interest
Solution:
1. Simple Interest:
Simple Interest (SI) can be calculated using the formula:
SI = (P * R * T) / 100
Where R is the rate of interest.
Substituting the given values, we have:
30,240 = (84,000 * R * 3) / 100
Simplifying the equation:
30240 = 2520R
R = 30240 / 2520
R = 12
The rate of interest (R) is 12%.
2. Compound Interest:
The compound interest can be calculated using the formula:
Amount = P * (1 + R/100)^T
Substituting the given values, we have:
Amount = 84,000 * (1 + 12/100)^3
Calculating the compound interest:
Amount = 84,000 * (1.12)^3
Amount ≈ 1,18,013.95
Therefore, the person would have received approximately Rs. 1,18,013.95 at the end of the term with compound interest.
Principal amount (P) = Rs. 84,000
Simple Interest (SI) = Rs. 1,14,240 - Rs. 84,000 = Rs. 30,240
Time (T) = 3 years
To find:
Amount received at the end of the term with compound interest
Solution:
1. Simple Interest:
Simple Interest (SI) can be calculated using the formula:
SI = (P * R * T) / 100
Where R is the rate of interest.
Substituting the given values, we have:
30,240 = (84,000 * R * 3) / 100
Simplifying the equation:
30240 = 2520R
R = 30240 / 2520
R = 12
The rate of interest (R) is 12%.
2. Compound Interest:
The compound interest can be calculated using the formula:
Amount = P * (1 + R/100)^T
Substituting the given values, we have:
Amount = 84,000 * (1 + 12/100)^3
Calculating the compound interest:
Amount = 84,000 * (1.12)^3
Amount ≈ 1,18,013.95
Therefore, the person would have received approximately Rs. 1,18,013.95 at the end of the term with compound interest.
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A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer?
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A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer?.
A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer?.
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A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer?, a detailed solution for A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? has been provided alongside types of A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice A person invests Rs. 84,000 at a certain simple interest rate for a period of 3 years. At the end of the term, he receives Rs. 1,14,240. If he had invested the same amount of Rs. 84,000 at the same rate of compound interest for the same time period, then what amount would he have received at the end of the term?a)Rs. 1,05,013.95b)Rs. 1,08,013.95c)Rs. 1,11,013.95d)Rs. 1,12,013.95e)Rs. 1,18,013.95Correct answer is option 'E'. Can you explain this answer? tests, examples and also practice CAT tests.
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