Question

The sum of money increases by 60% in 4 years at simple interest what will be the compound interest for ₹20000 after 3 year at same rate of interest

Answer 1

Answer:

Rs 10417.5

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Step-by-step explanation:

P = Principle

Interest = 60% Of P = 0.6P

Interest = P*r*n/100 = 0.6P

r = interest rate in % , n = number of years

P*r*4/100 = 0.6P

r*4 = 60

r = 15

Ist year interest = P*r*n/100 = 20000*15*1/100 = 3000

Principle after 1 year = 2000+3000 = 23000

2nd Year interest = 23000*15*1/100 = 3450

Principle after 2nd Year = 23000 + 3450 = 26450

3rd Year interest = 26450*15*1/100= 3967.5

Compound interest for 3 Years =  3000+3450+3967.5 = 10417.5