Question 97

In 2 years at simple interest the principal increases by 8%. What will be the compound interest earned (in Rs) on Rs 10 lakhs in 2 years at the same rate?

Solution

According to question ,

$$P\left(1+\frac{2r}{100}\right)=1.08P$$

or, $$r=4\ \%\ .$$

So, C.I = $$\left\{10\left(1.04\right)^2-10\right\}lakh=81600\ Rs.$$

B is correct choice.

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