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A sum of Rs. 3000 amounts to Rs. 6000 in two years at compound interest. The interest for four years is

- a)Rs. 9000
- b)Rs. 12000
- c)Rs. 6000
- d)Rs. 3000

Correct answer is option 'A'. Can you explain this answer?

ANCHAL PAWAN
Oct 07, 2019 |

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A sum of Rs. 3000 amounts to Rs. 6000 in two years at compound interest. The interest for four years isa)Rs. 9000b)Rs. 12000c)Rs. 6000d)Rs. 3000Correct answer is option 'A'. Can you explain this answer?

From the given data

We know amount = p(1 + r/100)^{n}

⇒ 3000(1 + r/100)^{2} = 6000

⇒ (1 + r/100)^{2} = 2

Compound interest for four years = amount – principle

= p(1 + r/100)^{n} – principle

= 3000(1 + r/100)^{4 }– 3000 = 12000 – 3000 = Rs. 9000

We know amount = p(1 + r/100)

⇒ 3000(1 + r/100)

⇒ (1 + r/100)

Compound interest for four years = amount – principle

= p(1 + r/100)

= 3000(1 + r/100)

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From the given dataWe know amount = p(1 + r/100)n⇒ 3000(1 + r/100)2= 6000⇒ (1 + r/100)2= 2Compound interest for four years = amount – principle= p(1 + r/100)n– principle= 3000(1 + r/100)4– 3000 = 12000 – 3000 = Rs. 9000