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On a loan for 2 years at 6% per annum, the compound interest is ₹54 more than the simple interest. How much (in ₹) was lent?

Competition practiceSimple & Compound Interest

A15000
B9000
C1500
D18000

Step-by-Step Solution

For 2 years, CI − SI =

P \times (R /100)^{2} = P \times 0.0036

. So

0.0036 P = 54

and

P

= ₹15,000.

Answer: A) 15000

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