Question

Rajni deposited Rs 6000 in Union bank for 3 years at an interest of 15% per annum. What is the
compound interest that she gets after 3 year?​

Answer 1

$\huge\rm\underline\purple{Answer:-}$

Principal (P1) = Rs. 6000,

Rate % = 5 %

t = 2 years

Simple Interest=6000×5×2100 = Rs. 600

Principal (P2) = 5000,

Rate % = 8 %, t = 2 years

2 years effective Rate for CI =8+8+8×8100= 16.64 %

Compound interest =5000×16.64100= Rs. 832

Difference = Rs. (832−600)= Rs. 232