Question 98

If compound interest received on a certain amount in the $$2^{nd}$$ year is Rs 250. What will be the compound interest (in Rs) for the $$3^{rd}$$ year on the same amount at 12% rate of interest?

Solution

3rd year it earned 12% interest , So it will earn 12% interest on last year's interest.

So, Compound interest is = $$250\times1.12=280\ Rs.$$

C is correct choice.

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