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Rohit deposited Rs. 8000 with a finance company for 3 years at an interest of $15 %$ per annum. What is the compound interest that Rohit gets after 3 years?

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Rs.5267

Rs.3167

Rs.4167

Rs.4817

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 8000 Rate (R) = 15 p .a . Time (T) = 3 years

The formula to calculate the amount is given by,

A = P 1 + R 100 T ⇒ 8000 1 + 15100 3 ⇒ 8000 (1.15) 3 ⇒ 12167

Therefore, the amount after 3 years is Rs 12167.
Compound interest (CI),

C I = A − P ⇒ C I = 12167 − 8000 ⇒ C I = Rs 4167

Therefore, the compound interest is Rs 4167.
Hence, the correct option is 1.

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