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Question

There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?

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Solution

Let P = Rs. 100. Then, S.I. Rs.60 and t = 6 years.

∴ R = ( 100×60100×6 )= 10% p.a.

∴ C.I. = Rs. [ 12000 × ( ( 1 + 10100)3 - 1 ) ]

= Rs. ( 12000 × 3311000)

= Rs. 3972


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