Question 60
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 the rate of interest on the principal be R.
So, 19800*R*3/100 = 7128
So, R = 12%
Hence, the compound interest on the same amount for the same time period equals
19800*1.12^3 - 19800 = 27817.57 - 19800 = Rs. 8017.57
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