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Ajay Ram Gopal
Asked: 2022-11-03T10:42:20+05:30 In:

There is 60% increase in an amount is 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate ?
1. Rs. 3575
2. Rs. 3950
3. Rs. 3972
4. Rs. 3980

There is 60% increase in an amount is 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate ?
1. Rs. 3575
2. Rs. 3950
3. Rs. 3972
4. Rs. 3980
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1 Answer

  1. Correct Answer – Option 3 : Rs. 3972

    Given 

    Increase in salary after 6 years = 60% 

    Formula Used 

    A = P(1 + r/100)t

    simple Interest = (principal × rate × time)/100

    Calculation 

    Let the salary at 1st year be 100x 

    Increased in salary = 60% of 100x = 60x 

    ⇒ 60x = (100x × 6 × R)/100  

    ⇒ R = 10% 

    Compound Interest after 3 years = P(1 + r/100)t – P

    ⇒ 12000(1 + 10/100)3 – 12000

    ⇒ 12000 × (11/10)3 – 12000

    ⇒ 15972 – 12000 = Rs. 3972

    ∴ The required answer is Rs 3972

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