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Find the compound interest for a sum of ₹ 9375 in 2 yr, if the rate of interest for the first year is 2% and for the second year is 4%.
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- ₹ 570
- ₹ 670
- ₹ 770
- ₹ 760
Correct Option: A
Given, P = ₹ 9375, R1 = 2% and R2 = 4%
According to the formula,
A = P (1 + R1/100) (1 + R2/100)
= 9375 (1 + 2/100) (1 + 4/100)
= 9375 x (51/50) x (26/25)
= 7.5 x 51 x 26
= ₹ 9945
Now CI = A - P = 9945 - 9375 = ₹ 570