Nikita invested ₹ 8000 for 3 years at 5 % C.I. in a post office. If interest is compounded once in

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6.Interest

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Nikita invested ₹ $8000$ for $3$ years at $5 \%$ $C.I.$ in a post office. If the interest is compounded once in a year, what sum (In ₹) will she get after $3$ years?

A

$9261$

B

$8265$

C

$9365$

D

None of these

Solution

(a) Here, $P=8000, t=3$ and $R=5$

$\therefore \quad$ Amount $=P\left(1+\frac{R}{100}\right)^{t}=8000\left(1+\frac{5}{100}\right)^{3}$

$=8000\left(\frac{21}{20}\right)^{3}=\frac{8000 \times 21 \times 21 \times 21}{20 \times 20 \times 20}$

$=₹ 9261$

$\therefore$ Nikita will get ₹9261 after 3 years.

Standard 13

Quantitative Aptitude

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