Question : At a certain sum of money with the interest rate of 6% per annum for 4 years, the simple interest is Rs. 4500. Find the compound interest (compounding annually) of 2 years at the same sum when the rate of interest is 4% per annum.
Option 1: Rs. 1,530
Option 2: Rs. 1,430
Option 3: Rs. 1,830
Option 4: Rs. 1,560
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Correct Answer: Rs. 1,530
Solution :
Simple Interest
⇒
⇒
⇒
Now, Compound Interest
⇒
⇒
⇒
⇒
Hence, the correct answer is Rs. 1530.
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