Question 119
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?
Solution
Let us assume the Principal to be 100. We are given that in 6 years, the principal generated interest equals to 60% of 100 = 60.
60 = $$100\times\ R\%\times\ 6$$. This gives R = 10%.
Compound interest on 12000 for 3 years with 10% pa rate : $$\left(12000\times\ 1.1^3\right)\ -\ 12000\ =\ 3972$$.
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