What is the compound interest on Rs. 6,912 for 3 years at 16 2/3% per annum, compounded annually?
Correct answer A. Rs. 4,064
Explanation
16 2/3% = 1/6. A = 6912 × (7/6)³ = 32 × 343 = 10,976. CI = 10976 − 6912 = Rs. 4,064.
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