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Question 1:
The simple interest on Rs.12000 at a certain rate of interest in five years is Rs.7200. Find the compound interest on the same amount for five years at the same rate of interest. A. Rs.3502.80
B. Rs.3052.40
C. Rs.3054.8
D. Rs.3052.80
Feedback R = 100 I / PT
=> R = (100 * 7200)/ (12000 * 5) = 12%
CI = P{ [1 + R /100]n - 1}
= 12000 { [ 1 + 12 / 100]2 - 1} = Rs.3052.80
=> R = (100 * 7200)/ (12000 * 5) = 12%
CI = P{ [1 + R /100]n - 1}
= 12000 { [ 1 + 12 / 100]2 - 1} = Rs.3052.80
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