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A sum of Rs 5000 becomes Rs 8000 in 3 ye...

A sum of Rs 5000 becomes Rs 8000 in 3 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 yearly), then what will be the amount (in Rs) after 3 years?

A

8640

B

8260

C

8880

D

9220

Text Solution

Verified by Experts

The correct Answer is:
A
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