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Compound Interest

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  1. A sum amounts to ₹ 1352 in 2 yr at 4% compound interest. The sum is
    1. ₹ 1250
    2. ₹ 1200
    3. ₹ 1300
    4. ₹ 1260
Correct Option: A

Using the formula, A = p ( 1 + R/100 )n
⇒ 1352 = p(1 + 4/100 )2
⇒ 1352 = p(1.04 )2
∴ p = 1352/(1.04)2 = ₹ 1250


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