ABC26GN4172 · Compound Interest
Subject: General Aptitude · Chapter: Compound Interest · Exam: · Marks: · Difficulty:
There is 60\% increase in an amount in 6 years at simple interest. What will be the compound interest of ₹ 12,000 after 3 years at the same rate?
(a)₹ 2160
(b)₹ 3120
(c)₹ 3972
(d)₹ 6240
(e)None of these
Answer
Explanation
Let $P=₹ 100$. Then, S.I. $=₹ 60$ and $T=6$ years. $$\therefore R=\frac{100 \times 60}{100 \times 6}=10 \% \text { p.a. }$$ Now, $P=₹ 12000, T=3$ years and $R=10 \%$ p.a. $$\begin{aligned} \therefore \text { C.I. } & =₹\left[12000 \times\left\{\left(1+\frac{10}{100}\right)^{3}-1\right\}\right]=₹\left(12000 \times \frac{331}{1000}\right) \\ & =₹ 3972 . \end{aligned}$$
Explanation as extracted from the printed page; notation may be imperfect.
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