Q48
The compound interest on a certain sum of money at 5% per annum for 2 years is Rs 246. The simple interest on the same sum for 3 years at 6% per annum is = ?
A.
Rs. 435
B.
Rs. 450
C.
Rs. 430
D.
Rs. 432
AnswerAnswer: Option D
Solution
Answer: Option D
Solution:
\begin{aligned}
& {\text{Effective rate of CI for 2 years}} \\
& {\text{= 5 + 5 + }}\frac{{5 \times 5}}{{100}} \\
& = 10.25\% \\
& {\text{Effective rate of SI for 3 years}} \\
& {\text{= 6}} \times {\text{3 = 18% }} \\
& {\text{According to question}} \\
& {\text{Required SI}} \\
& {\text{= }}\frac{{246}}{{10.25}} \times 18 \\
& = {\text{Rs. 432}} \\\end{aligned}