The Simple Interest on a sum is Rs. 300 and the Compound Interest is Rs. 360 in the second year. What would be the Compound Interest for one year, compounded annually, on a different sum of Rs 6000 if the rate percent p.a. is the same as that of on the first sum?
1)Rs. 2400 2)Rs. 1200 3)Rs. 3000 4)None of the above

• 1200(r=20%)
• 4 years agoHelpfull: Yes(0) No(6)
• S.i=300
  C.i = 360 for 2nd year
  So c.i =300 for the 1st year as we know the c.i and s.i is same for 1st year
  To find r;
  By using another formula for c.i for 2 years
  C.i =(s.i*r)/200
  360=(300*r)/200
  r=24
  Now calculate c.p on a sum of 6000
  A= p(1+r/100)¹
  Where n = 1
  A= 6000(1+24/100)
  A=7200
  A= c.i+p
  C.i= A-p
  C.i=7200-6000
  C.i=1200
  Hence the option 2 is correct
• 3 years agoHelpfull: Yes(0) No(0)