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      Question

      The interest earned when a sum is invested at simple

      interest of 20% p.a., for 3 years, is Rs. 3000. What will be the total amount received after 2 years on investing the same sum at compound interest (compounded annually) of 12% interest p.a.?
      A Rs. 6200 Correct Answer Incorrect Answer
      B Rs. 6472 Correct Answer Incorrect Answer
      C Rs. 6772 Correct Answer Incorrect Answer
      D Rs. 6272 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Let the sum invested = Rs. Y According to the question, (Y ├Ч 3 ├Ч 20) ├╖ 100 = 3000 So, Y = (3000/0.6) = 5000 So, required amount received = 5000(1 + 12/100)2 = 5000(112/100)2 = Rs. 6272

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