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Q.

Calculate the amount and the compound interest on Rs.6000 for 2 years when the rates of interest for successive years are 5% and 6% respectively.


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a

6210

b

6632

c

678

d

7899 

answer is C.

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Detailed Solution

Concept: The concept used in these questions is the basic formula of compound interest.
Using formula Question ImageWhere A is the amount, P is the principal, r is the rate and n is the number of years.
here the principal value is Rs.6000, the rate is 5% and the number of years is 1, so
Question ImageQuestion Image Question ImageThe amount will become Rs 6300  which will be the principal value for 2nd year
In the 2nd year the principal amount becomes Rs 6300. rate of interest becomes 6% and time duration 1 year
Substituting
Question Image Question ImageSubtracting with the original principal value  we get
Question ImageTherefore 678 is the compound interest
Hence, the correct answer is option 3.
 
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