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The simple interest accrued on an amount of Rs 84,000 at the end of three years is Rs 30,240 What would be the compound interest accrued on…

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The simple interest accrued on an amount of Rs 84,000 at the end of three years is Rs 30,240 What would be the compound interest accrued on the same amount at the same rate in the same period ?
  • ARs 30,013.95
  • BRs 31,013.95
  • CRs 32,013.95
  • DRs33,013.95
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Discussion 2

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CCommunity
Solution
We know that,

Simple Interest = (Principal * Number of years * Rate of Interest)

Here, rate of interest = 30240/(84000*3)

Therefore, rate of interest = .12 = 12%

Now, amount after compunding = Principal (1+r)^n = 84000*(1.12)^3

= 118013.952

Interest = 34013.952

Hence, option E is correct.
0
CCommunity
Solution
We know that,

Simple Interest = (Principal * Number of years * Rate of Interest)

Here, rate of interest = 30240/(84000*3)

Therefore, rate of interest = .12 = 12%

Now, amount after compunding = Principal (1+r)^n = 84000*(1.12)^3

= 118013.952

Interest = 34013.952

Hence, option E is correct.