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Computer Science
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Compound Interest
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?
Rs. 2160
Rs. 3120
Rs. 3972
Rs. 6240
None of these
Show Answer
Correct Answer:
Rs. 3972
Explanation:
Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.
∴ R =
❨
100 x 60
❩
= 10% p.a.
100 x 6
Now, P = Rs. 12000. T = 3 years and R = 10% p.a.
∴ C.I.
= Rs.
[
12000 x
{
❨
1 +
10
❩
3
- 1
]
]
100
= Rs.
❨
12000 x
331
❩
1000
= 3972.
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