Compound Interest Practice Test 2

Question : 20 of 40

Marks: +1, -0

There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12000 after 3 years at the same rate?

Solution:

Let, P = Rs. 100; then S.I. = Rs. 60
Since,

\rate ={60×100}/{100×6}=10%p.a.

Hence, C.I.

=12000[(1+10/100)^3-1]

=12000[1331/1000-1]

12000×331/1000=3972

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