A sum becomes Rs. 2916 in 2 years at 8% per annum compound interest.…

Question

A sum becomes Rs. 2916 in 2 years at 8% per annum compound interest. The simple interest at 9% per annum for 3 years on the same amount will be = ?

Accepted Answer

Option B. Rs. 675. Answer & Solution Answer: Option B Solution: & Amount = Rs . 2916 & Time = 2 years & Rate = 8\% & Effective rate \% CI for 2 years & = 8 + 8 + 8 × 8100 = 16.64\% & Required sum & = 2916 ( 100 + 16.64 ) × 100 & = Rs . 2500 & Required simple interest & = 2500 × 9 × 3100 & = Rs . 6…