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Surabhi borrowed a sum of Rs. 12000 from a finance company to purchase a refrigerator. If the rate of interest is $5 %$ per annum compounded annually, calculate the compound interest that Surabhi has to pay to the company after 3 years.

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Rs.1891.5

Rs.1796.5

Rs.9632.5

Rs.1743.5

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 12000 Rate (R) = 5 p .a . Time (T) = 3 years

The amount can be calculated by using formula,

A = P 1 + R 100 n

⇒ A = 12000 1 + 5100 3 ⇒ A = 12000 × 1051003 ⇒ A = 12000 × 105100 × 105100 × 105100 ⇒ A = 12 × 105 × 105 × 105 1000 ⇒ A = Rs 13891 .5

Compound interest can be evaluated by Amount-Principal;
Compound interest (CI),

C I = A − P ⇒ C I = 1 3891.5 − 12000 ⇒ C I = Rs 1891 .5

Therefore, The Compound interest is Rs 1891.5
Hence, the correct option is 1.

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