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At a certain sum of money with the interest rate of 7% for 3 years the simple interest is Rs. 7455. Find the compound interest of 2 years at the same sum when the rate of interest is 4%.


1. Rs. 2869.9
2. Rs. 2896.8
3. Rs. 3896.8
4. Rs. 4869.8

1 Answer

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Best answer
Correct Answer - Option 2 : Rs. 2896.8

Given:

Rate = 7%

For simple interest time = 3 years

Simple interest = Rs. 7,455

For compound interest time = 2 years

Rate of interest for compound interest = 4%

Concept used:

C.I. = P {(1 + R/100 )– 1}

S.I. = (P × R × T)/100

Where,

C.I → Compound interest

S.I. → Simple interest

P →  Principal

T → Time

R → Rate%

Calculations:

S.I. = (P × R × T)/100

⇒ 7455 = (P × 7 × 3)/100

⇒ P = 745500/21

⇒ P = 35500

C.I. = 35500 × {(1 + 4/100)2 – 1}

⇒ 35500 × [{(26/25) × (26/25)} – 1]

⇒ 35500 × (676 – 625)/625

⇒ 35500 × 51/625

⇒ 2896.8

∴ The compound interest is Rs. 2896.8

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