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      Question

      Vikas invested Rs. 12,000 at an annual compound interest

      rate of 30%, with the interest being compounded every 10 months. How much interest did Vikas earn after 20 months?
      A Rs. 5,670 Correct Answer Incorrect Answer
      B Rs. 9,500 Correct Answer Incorrect Answer
      C Rs. 6,750 Correct Answer Incorrect Answer
      D Rs. 7,250 Correct Answer Incorrect Answer

      Solution

      Effective time period = 20 ÷ 10 = 2 terms Effective rate of interest = 30 X (10/12) = 25% So, compound interest received = 12000 X {1 + (25/100)}2 - 12000 = 12000 X 1.252 - 12000 = Rs. 6,750

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