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Multiple choice

On what sum will the compound interest for 3 years at 5% amount to Rs. 9261?

  1. Rs. 8000

  2. Rs. 6000

  3. Rs. 5000

  4. Rs. 3500

  5. Rs 3000

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Amount = P(1 + r/100)^n. 9261 = P(1 + 0.05)^3 = P(1.05)^3 = P(1.157625). P = 9261 / 1.157625 = 8000.

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