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AFCAT Model Paper 3

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Question : 37 of 100

Marks: +1, -0

Ammy deposited a sum of Rs. 6000 in a bank for 3 years at the rate of 10% per annum compounded annually at compound interest. Calculate the amount he will receive after 3 years.

Rs. 8976
Rs. 7896
Rs. 7986
Rs 8796

Solution:

Given :

Principal, P = Rs. 6000

Time, n = 3 years

Rate of Interest, R = 10%

Formula used :

Amount

=P \times \left[ 1 + \frac{R}{100} \right]^{n}

Calculation :

Amount

=6000 \times \left( 1 + \frac{10}{100} \right)^{3}

⇒ Amount

=6000 \times \left( \frac{11}{10} \right)^{3}

⇒ Amount = 6 × 1331

⇒ Amount = Rs. 7986

∴ the amount after 3 years will be Rs. 7986.

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