What is the compound interest on Rs 7500 at 4% per annum for 2 years compounded annually?

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Important Civilization in Rajasthan

15 Questions 15 Marks 10 Mins

Given:

Principal (P) = Rs. 7500

Rate % (R)= 4% per annum

Time Period (T) = 2 years

Formula Used:

\({\rm{Amount}} = {\rm{P}}{\left[ {1 + \;\frac{R}{{100}}} \right]^T}\;\)

Calculation:

\({\rm{Amount}} = 7500{\left[ {1 + \;\frac{4}{{100}}} \right]^2}\;\)

⇒ Amount = 7500 × [104/100]2

⇒ (7500 × 26 × 26)/(25 × 25)

⇒ 12 × 676 = Rs. 8112

∴ The Amount After 2 years will be Rs. 8112

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The compound interest on a certain sum of money at 11% for 2 years is ₹6963. Its simple interest (in ₹) at the same rate and for the same period is:

A) ₹6750	B) ₹6600
C) ₹6000	D) ₹6500