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Question 98
If compound interest received on a certain amount in the $$2^{nd}$$ year is Rs 250. What will be the compound interest (in Rs) for the $$3^{rd}$$ year on the same amount at 12% rate of interest?
Solution
3rd year it earned 12% interest , So it will earn 12% interest on last year's interest.
So, Compound interest is =Â $$250\times1.12=280\ Rs.$$
C is correct choice.
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