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The simple interest on a certain sum is Rs.240 for 3 years at 8% per annum. The corresponding compound interest is
- a)Rs. 160
- b)Rs. 220
- c)Rs. 260
- d)Rs. 275
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
The simple interest on a certain sum is Rs.240 for 3 years at 8% per ...
Sum = (240 x 100) / (3 x 8) = 1000
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Compound interest = 1000(1+0.08)3 - 1000 = 1259.712 - 1000 ≈ Rs. 260
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The simple interest on a certain sum is Rs.240 for 3 years at 8% per ...
Given:
- Principal amount (P) = ?
- Simple Interest (SI) = Rs. 240
- Time (t) = 3 years
- Rate of Interest (R) = 8% per annum
To find:
The corresponding compound interest.
Solution:
Step 1: Calculate the principal amount (P) using the formula for simple interest:
SI = (P * R * t) / 100
240 = (P * 8 * 3) / 100
240 = (24P) / 100
240 * 100 = 24P
24000 = 24P
P = 24000 / 24
P = 1000
So, the principal amount is Rs. 1000.
Step 2: Calculate the compound interest using the formula:
Compound Interest (CI) = P * (1 + R/100)^t - P
CI = 1000 * (1 + 8/100)^3 - 1000
CI = 1000 * (1.08)^3 - 1000
CI = 1000 * 1.259712 - 1000
CI = 1259.712 - 1000
CI = 259.712
So, the corresponding compound interest is Rs. 259.712, which can be approximated to Rs. 260.
Therefore, the correct answer is option 'C' - Rs. 260.
- Principal amount (P) = ?
- Simple Interest (SI) = Rs. 240
- Time (t) = 3 years
- Rate of Interest (R) = 8% per annum
To find:
The corresponding compound interest.
Solution:
Step 1: Calculate the principal amount (P) using the formula for simple interest:
SI = (P * R * t) / 100
240 = (P * 8 * 3) / 100
240 = (24P) / 100
240 * 100 = 24P
24000 = 24P
P = 24000 / 24
P = 1000
So, the principal amount is Rs. 1000.
Step 2: Calculate the compound interest using the formula:
Compound Interest (CI) = P * (1 + R/100)^t - P
CI = 1000 * (1 + 8/100)^3 - 1000
CI = 1000 * (1.08)^3 - 1000
CI = 1000 * 1.259712 - 1000
CI = 1259.712 - 1000
CI = 259.712
So, the corresponding compound interest is Rs. 259.712, which can be approximated to Rs. 260.
Therefore, the correct answer is option 'C' - Rs. 260.
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The simple interest on a certain sum is Rs.240 for 3 years at 8% per annum. The corresponding compound interest isa)Rs. 160b)Rs. 220c)Rs. 260d)Rs. 275Correct answer is option 'C'. Can you explain this answer?
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The simple interest on a certain sum is Rs.240 for 3 years at 8% per annum. The corresponding compound interest isa)Rs. 160b)Rs. 220c)Rs. 260d)Rs. 275Correct answer is option 'C'. Can you explain this answer? for Railways 2024 is part of Railways preparation. The Question and answers have been prepared according to the Railways exam syllabus. Information about The simple interest on a certain sum is Rs.240 for 3 years at 8% per annum. The corresponding compound interest isa)Rs. 160b)Rs. 220c)Rs. 260d)Rs. 275Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for Railways 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The simple interest on a certain sum is Rs.240 for 3 years at 8% per annum. The corresponding compound interest isa)Rs. 160b)Rs. 220c)Rs. 260d)Rs. 275Correct answer is option 'C'. Can you explain this answer?.
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