| The simple interest accured on a sum of certain principal is Rs. 7200 in 6 yr at the rate of 12% per annum. What would be the compound interest accured on that principal at the rate of 5% per annum in 2 yr? [BOB (PO) 2011] |
A) Rs. 1020
B) Rs. 1000
C) Rs. 1025
D) Rs. 1035
E) None of these
Correct Answer: C
Solution :
| Let the principle amount be Rs. x. |
| Then, \[7200=\frac{x\times 6\times 12}{100}\]\[\Rightarrow \]\[x=Rs.\,10000\] |
| Compound interest |
| \[=10000{{\left( 1+\frac{5}{100} \right)}^{2}}-10000\] |
| \[=Rs.\,1025\] |
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