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Compound Interest Practice Test 4
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© examsnet.com
Question : 4
Total: 40
ORIGINAL QUESTIONS FROM PREVIOUS YEAR PAPERS
The present population of a village is 67,600. It has been increasing annually at the rate of 4%. What was the population of the village two years ago?
62,500
63,000
64,756
65,200
Validate
Solution:
Amount = Rs 67,600; R = 4%; Time = 2 years
Amount
=
P
(
1
+
R
100
)
t
67600
=
P
(
1
+
4
100
)
2
67600
=
P
(
104
100
)
2
P
=
67600
×
100
104
×
100
104
P = Rs 62,500
© examsnet.com
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