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Compound Interest

Q1: 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?

A Rs. 2160

B Rs. 3120

C Rs. 3972

D Rs. 6240

E None of these

ANS:C - Rs. 3972

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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