New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Rs. ’P’ invested at a rate of 8% p.a. compound

    interest (compounded annually) amounts to Rs. 7231.68 at the end of 2 years. Find the simple interest earned at the end of 7 years if the same amount is invested at the same rate.
    A Rs. 3272 Correct Answer Incorrect Answer
    B Rs. 3402 Correct Answer Incorrect Answer
    C Rs. 3472 Correct Answer Incorrect Answer
    D Rs. 3470 Correct Answer Incorrect Answer

    Solution

    According to question; 1.08 × 1.08 × P = 7231.68 Or, P = Rs. 6200 Desired interest = 0.08 × 7 × 6200 = Rs. 3472

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