Question : The simple interest accrued on a certain principal is Rs. 1200 in 3 years at 8% per annum. What would be the compound interest (compounding annually) accrued on twice that principal at 10% per annum in 2 years?
Option 1: Rs. 1,050
Option 2: Rs. 2,150
Option 3: Rs. 2,100
Option 4: Rs. 1,100
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Correct Answer: Rs. 2,100
Solution :
Let the principal be Rs.
Time = 3 years
Rate = 8% per annum
Simple interest after T years =
Now Principal,
Rate,
Time,
Hence, the correct answer is Rs. 2,100.
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