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What would be the compound interest obta...

What would be the compound interest obtained on an amount of ₹7,640 at the rate of 15 p.c.p.a. after two years ?

A

`2634.9`

B

`2643.9`

C

`2364.9`

D

`2463.9`

Text Solution

Verified by Experts

The correct Answer is:
B
We know compound interest = `P [(1+R/100)^T-1]`
`= 7640[(1+15/100)^2-1] = 7640[(23/20)^2-1]`
` = 7640[529/400-1] = 7640*129/400 = ₹ 2463.9`
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