Question

The difference between SI and CI is Rs. 18 for 2 years and the sum invested in both the schemes is Rs. 1800. Find the compound interest on the same sum with the same rate of interest after 3 years.

• A. Rs. 598.8
• B. Rs. 588.8
• C. Rs. 567.8
• D. Rs. 595.8
• E. Rs. 546.8

Answer 1

The correct option is D Rs. 595.8

Difference between CI and SI for 2 years = (PR²)/10000

i.e., 18 = (1800 R²)/10000

⇒ R² = 100

⇒ R = 10%

Required answer = 1800 ${(1+\frac{10}{100})}^3-1800$

= 2395.8 – 1800 = Rs. 595.8