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The simple interest accrued on an amount of Rs. 84000 at the end of three years is Rs. 30240. What would be the compound interest accrued on the same amount at same rate in 2 years?

Solution

✅ Correct Option: 4

Rate from simple interest: R=30240×10084000×3=12%R = \dfrac{30240 \times 100}{84000 \times 3} = 12\%.

Compound interest for 2 years =84000[(1.12)2−1]=84000×0.2544=21369.6= 84000\left[(1.12)^2 - 1\right] = 84000 \times 0.2544 = 21369.6.

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