There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of 12,000 after 3 years at the same rate?
(a) 2160
(b) 3120
(c) 6240
(d) None of these
how to solve this
Ans 1:
Class : Class 8
therefore, SI = 60/100 P
SI=0.6 P
R=100*SI/P*T
=100*0.6P/P*6
=60P/6P
=10
CI=P(1+R/100)^T-P
=12000(1+10/100)^3-12000
=12000(1+1/10)^3-12000
=12000(11/10)^3-12000
=12000*1331/1000-12000
=12*1331-12000
=15972-12000
=3972
option d is correct