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Mathematics

₹ 2000 is saved during the year 2022 and deposited in a bank at the beginning of year 2023 at 8% compound interest. During 2023, ₹ 3000 more is saved and deposited in the same bank at the beginning of 2024 and at the same rate of interest. The C.I. earned upto the end of 2024 is :

  1. ₹ 560

  2. ₹ 572.80

  3. ₹ 5400

  4. ₹ 400

Compound Interest

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Answer

At beginning of 2023 :

P = ₹ 2000

R = 8%

T = 1 year

I = P×R×T100=2000×8×1100\dfrac{P \times R \times T}{100} = \dfrac{2000 \times 8 \times 1}{100} = ₹ 160.

Amount = ₹ 2000 + ₹ 160 = ₹ 2160.

Since, ₹ 3000 is saved during 2023.

So, at beginning of 2024,

P = ₹ 2160 + ₹ 3000 = ₹ 5160

R = 8%

T = 1 year

I = P×R×T100=5160×8×1100\dfrac{P \times R \times T}{100} = \dfrac{5160 \times 8 \times 1}{100} = ₹ 412.80

C.I. earned upto 2024 = ₹ 412.80 + ₹ 160 = ₹ 572.80

Hence, Option 2 is the correct option.

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