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A sum becomes ₹2,916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be- -

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Question

A sum becomes ₹2,916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be- 

Options

  • ₹600

  • ₹675

  • ₹650

  • ₹625

MCQ

Solution

₹675

Explanation:

A = `"P" (1 + "R"/100)^"T"`

⇒ `2916 = "x" (1 + 8/100)^2`

⇒ `2916 = "x" (27/25)^2`

⇒ `"x" = (2916 xx 25 xx 25)/(27 xx 27)`

= ₹2500

∴ S.I. = `("P" xx "R" xx "T")/100`

= `(2500 xx 9 xx 3)/100`

= ₹675

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Simple and Compound Interest (Entrance Exam)
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