Question

If the simple interest on a sum of money at 5% per annum for 3 years is Rs. 1200, find the compound interest on the same sum for the same period at the same rate.

A) 1261 B) 1271 C) 1281 D) 1291

Answer 1

Answer:

Step-by-step explanation:

A = $ 13,366.37

A = P + I where

P (principal) = $ 10,000.00

I (interest) = $ 3,366.37

or

A = $ 1,389.15

A = P + I where

P (principal) = $ 1,200.00

I (interest) = $ 189.15

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