Question : There is a 40% increase in an amount in 8 years at Simple Interest. What will be the Compound Interest (in Rs.) of Rs. 30000 after 2 years at the same rate?
Option 1: 6150
Option 2: 7687.50
Option 3: 4612.50
Option 4: 3075
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Correct Answer: 3075
Solution :
Given: There is a 40% increase in an amount in 8 years at simple interest (SI).
Now, let Principal = Rs.$p$, Rate of interest = $r$% and $t$ = time period.
So, SI = $\frac{p×r×t}{100}$
⇒ 40% × $p$ = $\frac{p×r×8}{100}$
⇒ $r$ = 5%
Now for the Compound Interest, [Compound Interest = $p[(1+\frac{r}{100})^t–1]$]
CI = $30000[(1+\frac{5}{100})^2–1]$
= $30000[(\frac{441}{400})–1]$
= $30000[\frac{41}{400}]=3075$
Hence, the correct answer is 3075.
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