InterviewSolution
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For 3 years, the difference between simple interest and compound interest is Rs. 616 at 8% per annum. Find the compound interest in 2 years at the same rate of interest at same sum.1. Rs. 22402. Rs. 41503. Rs. 52004. Rs. 1250 |
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Answer» Correct Answer - Option 3 : Rs. 5200 Given: For 3 years, the difference between simple interest and compound interest = Rs. 616 Rate = 8% For compound interest, time = 2 years. Concept used: C.I. = P{(1 + R/100 )T – 1} D = P × (R/100)2(300 + R)/100 S.I. → Simple interest P → Principal T → Time R → Rate% C.I. → Compound interest D → Difference between S.I. and C.I. for 3 years difference, Calculations: D = P × (R/100)2(300 + R)/100 ⇒ 616 = P × (8/100)2(300 + 8)/100 ⇒ 616 = P × (64/10000) × (308/100) P = (616 × 10000 × 100)/(308 × 64) ⇒ Rs. 31,250 At the same sum, C.I. = P{(1 + R/100 )T – 1} ⇒ 31250{(1 + 8/100)2 – 1} ⇒ 31250 × {(108/100) × (108/100) – 1} ⇒ 31250 × {(11664/10000) – 1} ⇒ 31250 × (1664/10000) ⇒ Rs. 5200 ∴ The compound interest is Rs. 5200 |
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