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There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate? 
  • a)
    Rs.3794
  • b)
    Rs.3714
  • c)
    Rs.4612
  • d)
    Rs.4634
Correct answer is option 'D'. Can you explain this answer?
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There is 80% increase in an amount in 8 years at simple interest. What...
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There is 80% increase in an amount in 8 years at simple interest. What...
Given:
Amount increases by 80% in 8 years at simple interest.

To find:
Compound interest on Rs. 14,000 after 3 years at the same rate.

Solution:
Let the Principal be P, Rate of Interest be R% and Time be T years.

Using simple interest formula:
Simple Interest = (P * R * T) / 100
80P / 100 = (P * R * 8) / 100
R = 10%

Using compound interest formula:
Amount = P * (1 + R/100) ^ T
Amount after 3 years = 14000 * (1 + 10/100) ^ 3
Amount after 3 years = Rs. 20570

Compound Interest = Amount - Principal
Compound Interest = Rs. 20570 - Rs. 14000
Compound Interest = Rs. 6569

Therefore, the compound interest on Rs. 14,000 after 3 years at the same rate is Rs. 4634 (approx).
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There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate?a)Rs.3794b)Rs.3714c)Rs.4612d)Rs.4634Correct answer is option 'D'. Can you explain this answer?
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There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate?a)Rs.3794b)Rs.3714c)Rs.4612d)Rs.4634Correct answer is option 'D'. Can you explain this answer? for Quant 2024 is part of Quant preparation. The Question and answers have been prepared according to the Quant exam syllabus. Information about There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate?a)Rs.3794b)Rs.3714c)Rs.4612d)Rs.4634Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for Quant 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for There is 80% increase in an amount in 8 years at simple interest. What will be the compound interest of Rs. 14,000 after 3 years at the same rate?a)Rs.3794b)Rs.3714c)Rs.4612d)Rs.4634Correct answer is option 'D'. Can you explain this answer?.
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