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
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  Answer

• The formulae for compound interest is: P*[1+r/n]^n*t;br /P= The principal amountbr /r= rate of interest per yearbr /n= number of times the amount is compounded annually which in this case is 12br /t= the time for which the amount is keptbr /r=rate of interestbr /br /let x be the amount deposited for six years at simple interest.br /x + 6[(r/100)*x]=x+(60/100)*[x] eqn (1)br /from here the value of r will be equal to 10;br /Let compound interest be equal to =y;br /now by calculating compound interest for rs 12000 for three yearsbr /br /y=12000[1+(10/100*12)]^12*36;br /br /from here we get y equal to 3120;br / 

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    Sahil
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