The simple interest accrued on an amount of Rs.49500 at he end of three is Rs.17820. What would be the compound interest accured on the same amount at teh same rate in the same period? (Round off your answer to two decimal places)
Correct answer: A. Rs.20043.94
- A. Rs.20043.94
- B. Rs.18654.81
- C. Rs.20264.46
- D. Rs.19612.41
- E. None of these
Explanation
The simple interest equation gives Rs. 17,820 = Rs. 49,500 x r x 3, so r = 0.12, or 12% per year. Compound interest is Rs. 49,500 x [(1.12)^3 - 1] = Rs. 49,500 x 0.404928 = Rs. 20,043.94. Option b, Rs. 18,654.81, does not apply compounding for all three years.
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