Question 151

The simple interest accrued on an amount of Rs. 19,800 at the end of three years is Rs. 7,128. What would be the compound interest accrued on the same amount at the same rate in the same period ?

Solution

Let rate of interest be $$r$$ %

=> Simple interest = $$\frac{19800 \times r \times 3}{100} = 7128$$

=> $$r = 12$$%

Now, C.I. = $$19800 [(1 + \frac{12}{100})^3 - 1]$$

= $$19800 (1.12^3 - 1)$$

= $$19800 * 0.405 = 8019$$

= Rs. 8017.5744


Create a FREE account and get:

  • Banking Quant Shortcuts PDF
  • Free Banking Study Material - (15000 Questions)
  • 135+ Banking previous papers with solutions PDF
  • 100+ Online Tests for Free

cracku

Boost your Prep!

Download App