Discussion :: Compound Interest
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There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?
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Answer : Option C
Explanation :
Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.
R =\( [\frac { 100*60 } { 100*6 }]\)= 10% p.a.
Now, P = Rs. 12000. T = 3 years and R = 10% p.a.
C.I.=Rs[12000*{(1+\( \frac { 10 } {100 } ^3\))-1}]
=Rs.[12000\( *\frac { 331 } { 1000 } ] \)
=Rs.3972
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