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What would be the compound interest obtained on an amount of ₹3,000 at the rate of 8% per annum after 2 years?

1. Rs 499.2
2. Rs 844.2
3. Rs 109.4
4. Rs 648.6

Correct answer: Rs 499.2

Solution

For 2 years, compound amount = 3000(1.08)^2 = 3000 D7 1.1664 = 3499.2. Compound interest = 3499.2 - 3000 = 499.2.

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