Question
The compound interest accrued on an amount at the end of two years at the rate or of 16 p.c.p.a is Rs. 3041.28. What is the amount?
Answer: Option D
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C.I = P[(1 + R/100)T - 1]
=>3041.28 = P[(1 + 16/100)T - 1]
=> 3041.28 = P[(29/25)2 - 1]
=> 3041.28 = P[841/625 - 1]
=> 3041.28 = P[216/625]
=> P = 3041.28 * 625/216
P = 8800
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