Multiple choice

Ravi invested Rs. 20,000 for three years at a certain rate of interest compounded annually. At the end of one year this sum amounts to be Rs. 25500. Calculate: (i) The rate of interest (ii) The amount at the end of third year

  1. 27.5% and Rs. 41943.04

  2. 22.5% and Rs. 42943.04

  3. 23.5% and Rs. 40943

  4. 20% and Rs. 42940.04
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