aptitude questions asked in bank exams

There is 60% increase in an amount in 6 years at simple interest. what will be the compound interest of Rs. 12000 after 3 years at the same rate? (a) Rs.2160 (b) Rs.3120 (c) Rs.3962 (d) Rs.6240

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  • The formulae for compound interest is: P*[1+r/n]^n*t;
    P= The principal amount
    r= rate of interest per year
    n= number of times the amount is compounded annually which in this case is 12
    t= the time for which the amount is kept
    r=rate of interest

    let x be the amount deposited for six years at simple interest.
    x + 6[(r/100)*x]=x+(60/100)*[x] eqn (1)
    from here the value of r will be equal to 10;
    Let compound interest be equal to =y;
    now by calculating compound interest for rs 12000 for three years

    y=12000[1+(10/100*12)]^12*36;

    from here we get y equal to 3120;
     
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