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 )T – 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