The simple interest accrued on an amount of ₹ 20000 at the end of 3 years is ₹ 7200. What would be the… · ABC26GN4153

Subject: General Aptitude · Chapter: Compound Interest · Exam: Bank P.O. 2008

The simple interest accrued on an amount of ₹ 20000 at the end of 3 years is ₹ 7200. What would be the compound interest accrued on the same amount at the same rate in the same period?

(a)₹ 8098.56

(b)₹ 8112.86

(c)₹ 8246.16

(d)₹ 8342.36

(e)None of these

Answer

Answer (as printed): A

Explanation

Rate $=\left(\frac{100 \times 7200}{20000 \times 3}\right) \%=12 \%$ Now, $=₹ 20000, \mathrm{R}=12 \%, \mathrm{T}=3$ years. $$\begin{aligned} \text { Amount } & =₹\left[20000\left(1+\frac{12}{100}\right)^{3}\right] \\ & =₹\left(20000 \times \frac{28}{25} \times \frac{28}{25} \times \frac{28}{25}\right) \\ & =₹\left(\frac{702464}{25}\right)=₹ 28098.56 . \\ \therefore \quad \text { C.I. } & =₹(28098.56-20000)=₹ 8098.56 . \end{aligned}$$

Study loop for Compound Interest

1. Practise the PYQsPrevious-year questions, with answers

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