There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest

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20 May 2020 Compound Interest

There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 4 years at the same rate?

OPtion

1) 17369.2
2) 17469.2
3) 17569.2
4) 17669.2
5) 17769.2
6) 5569.2
7) 3972
8) 3972.2
9) 5659.2
10) None of these

Solution

Let P = Rs. 100. Then, S.I. = Rs. 60 and T = 6 years.
R= 60*100/(100*6) = 10%

CI = 12000[ (1+ 10/100)^4 -1]
=> 5569.2

Correct Option: 6 Best Solution (3)