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A sum of Rs 20000 becomes Rs 32000 in 12...

A sum of Rs 20000 becomes Rs 32000 in 12 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs) after 2 years?

A

21750

B

22050

C

23250

D

24650

Text Solution

Verified by Experts

The correct Answer is:
B
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