| The simple interest accrued on an amount of Rs. 20000 at the end of 3 yr is Rs. 7200. What would be the compound interest accrued on the same amount at the same rate in the same period? |
A) Rs. 8342.36
B) Rs. 8098.56
C) Rs. 8246.16
D) Rs. 8112.86
E) None of these
Correct Answer: B
Solution :
| \[\text{Rate}=\frac{\text{SI}\times \text{100}}{\text{Principal}\times \text{Time}}=\frac{7200\times 100}{20000\times 3}=12\]% |
| \[\therefore \] \[CI=P\left[ {{\left( 1+\frac{R}{100} \right)}^{T}}-1 \right]\] |
| \[=20000\left[ {{\left( 1+\frac{12}{100} \right)}^{3}}-1 \right]\] |
| \[=20000\,\,[{{(1.12)}^{3}}-1]\] |
| \[=20000\,[1.404928-1]=\text{Rs}\text{.}\,\,\text{8098}\text{.56}\] |
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