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A man invests Rs. $3000_{}$ for three years at compound interest. After one year, the money amounts to Rs. $3240$ . Find the rate of interest and the amount (to the nearest Rupee) due at the end of $3$ years.

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8 % and Rs . 3779

10 % and Rs . 3000

15 % and Rs . 4000

21 % and Rs . 3775

answer is A.

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Detailed Solution

Given,
Principal (P) = Rs.

3000

Amount (A) = Rs.

3240

Time (T) = 1 year
Simple Interest = Amount - Principal
S.I. =

3240 - 3000 = Rs . 240

S.I. =

\frac{PRT}{100} = \frac{3000 \times R \times 1}{100} = Rs . 240

\Rightarrow R = 8 %

Additionally, if interest compounds for three years at an annual rate of

8 %

,
Amount =

{P (1 + \frac{R}{100})^{T}}_{}

{3000 \times (1 + \frac{8}{100})^{3}}_{}

{Rs . 3779}_{}

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