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A sum invested at simple interest gives a 60% return in 6 years. What is the compound interest on \u20b925000 for 4 years at the same rate?

1. \u20b910502.4
2. \u20b911602.5
3. \u20b912404.6
4. \u20b912604.2

Correct answer: \u20b911602.5

Solution

If simple interest is 60% in 6 years, the rate is 10% per annum. Compound interest on ₹25000 for 4 years at 10% is \(25000[(1.1)^4-1]\), which equals ₹11602.5.

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