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Question 27
The simple interest on a certain sum at 12% per annum for 3 years is ₹ 4,140. What is the compound interest on the same sum at 8% for two years?
Solution
Given, the simple interest on a certain sum at 12% per annum for 3 years is ₹ 4,140 i.e
36% of p = 4,140
p = 11500
compound interest on the same sum at 8% for two years is given by,
= 11500 - 1.08 x 1.08 x 11500
= 11500 - 13413.6
= 1,913.60
Hence, option A is the correct answer.
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