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Darshana invests certain sum of money for 4.5 years at 10% rate of simple interest per annum. If interest received by her is Rs. 2250 then find compound interest if same sum of money is kept for 2 years at same rate of interest compounded annually.


1. Rs. 1350
2. Rs. 1450
3. Rs. 1050
4. Rs. 1250

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Correct Answer - Option 3 : Rs. 1050

Given:

N = 4.5 yrs

R = 10%

I = Rs. 2250

Formula used:

I = P × R × N/ 100

A = P × (1 + (R/ 100))N

A = P + I

Where, P = Principal amount, R = Rate of interest, N = number of years and I = Simple interest

Calculation:

2250 = P × 10 × 4.5/ 100

⇒ P = 2250 × 100/ 45

⇒ P = Rs. 5000

Now, finding compound interest

A = 5000 × (1 + (10/ 100))2

⇒ A = 5000 × 11 × 11/ 100

⇒ A = Rs. 6050

⇒ I = 6050 – 5000

∴ Compound interest = Rs. 1050

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