Mathematics · Compound Interest
A person borrowed Rs. 20,000 from Bank A at the beginning of the year 1992 under compound interest compounded annually. If the rate of interest offered by Bank A was 12% per annum in 1992 and 15% per annum in 1993, find the total interest paid by him at the end of 1993.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Rs. 6,020
- 2Rs. 5,760✓
- 3Rs. 5,130
- 4Rs. 4,290
Correct answer
Rs. 5,760
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