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

Sunil
08 Jul
2821 Views
1 Answer

Your Answer

SM

Sahil
08 Jul

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;