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The compound interest on ₹16,000 for 3 years at 5% p.a. compounded annually is:
A₹2,500
B₹2,522
C₹2,420
D₹2,150
Answer & Solution
Correct answer: B. ₹2,522
1. A = 16000 × 1.05³ = 16000 × 1.157625.
2. A ≈ 18522.
3. CI = 18522 − 16000 = ₹2,522.
_Source: jkchrome SI-CI QB, p.4 — 3-year CI_
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