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The compound interest(compounded -annually) on a certain sum of money at the rate of 20 p.c.p.a. for 2 years is Rs.5,632/-. What is the simple interest on the same sum of money at the rate of 12 p.c.p.a. for 3 years ?

A) Rs.4608/-
B) Rs.4464/-
C) Rs.4672/-
D) Rs.4752/-
E) Rs.4536/-

Correct Answer:

A) Rs.4608/-

Description for Correct answer:
Let the Principal be = Rs.x

According to question,

\( 5632 = x \left[ 1+\frac{20}{100} \right]^{2} - x \)

\( 5632 = x\left[ \frac{36}{25}-1 \right] \)

\( x = \frac{5632 \times 25}{11} \)

\( x = Rs.12,800/- \)

\( \frac{12800 \times 12 \times 3}{100} = Rs.4,608/- \)

Part of solved SBI Associates Clerk questions and answers : Exams >> Bank Exams >> SBI Associates Clerk

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