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Nitin took a loan of Rs. 75,000 from a finance company at 10% per annum compounded annually for 3 years. Find the compound interest he had to pay to the finance company.
1. Rs. 24,000
2. Rs. 24,825
3. Rs. 25,825
4. Rs. 25,000

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Correct Answer - Option 2 : Rs. 24,825

Given:

Principal (P) = Rs. 75,000

Time (T) = 3 years

Rate (R) = 10%

Formula used:

A = P(1 + R/100)n

C.I. = A – P

Where,

A → amount

P → principal

R → rate 

n → time

Calculations:

According to  the question,

A = 75000 × (1 + 10/100)3

⇒ A = 75000 × (11/10) × (11/10) × (11/10)

⇒ A  = 75000 × (1331/1000)

⇒ A = Rs. 99,825

Now

C.I. = A – P

⇒ C.I. = 99825 - 75000 = Rs. 24,825

∴ The compound interest is Rs. 24,825.

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