NIACL Model Paper 7 with solutions for free online practice

Question : 62 of 100

Marks: +1, -0

The compound interest (compounded annually) on a certain sum of money for 2 years at the rate of 10 p.c.p.a. is Rs. 756. What would be the simple interest on the same sum of money for 3 years at the rate of 8 p.c.p.a. ?

Rs. 832
Rs. 912
Rs. 864
Rs. 816
Rs. 882

Validate

Solution:

C.l. = P

[[1+R/100]^T-1]

⇒

756 = P[[1+10/100]^2-1]

⇒756 = P

[[1+1/10]^2-1]

⇒

756 = P[[11/10]^2-1]

⇒ 756 = P

[121/100-1]

=> 756 =P×

21/100

⇒

P = {756×100}/21 = Rs. 3600

∴ S.l.=

\text"PRT"/100

={3600 × 8× 3}/100 =Rs. 864

Go to Question:

Prev Question

Next Question