Rs. 12000 yields Rs. 7200 in simple interest over five years. Find the compound interest on the same amount over five years at the identical rate.
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Answer: D. Rs.3052.80
Explanation
Earning twelve hundred rupees per year on a twelve thousand principal establishes an annual simple interest rate of twelve percent. Compound interest calculates interest on both the initial principal and all previously accumulated interest amounts over time. Applying the twelve percent compound interest formula over five years yields the exact total of three thousand fifty two rupees. Simple interest remains constant each year because it excludes previously earned interest from subsequent calculation periods. Compound interest grows exponentially because interest earns additional interest in every successive compounding time interval. Financial mathematics formulas for compound interest use exponential growth factors to determine total accumulated amounts over years.
Three thousand five hundred two point eight zero overestimates the compounded return through a calculation error in rates. Three thousand fifty two point four zero contains a slight decimal inaccuracy in the final interest computation step. Three thousand fifty four point eight fails to match the precise decimal rounding required by the compound formula.
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- Mathematics
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- Mathematics
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- Difficulty
- medium
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