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Find the compound interest at the rate of 5 % for three years on that principal which in three years at the rate of 5 % per annum gives Rs. 12000 as simple interest.

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Rs. 22610

Rs. 12610

Rs. 125310

Rs. 12920

answer is A.

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Detailed Solution

Given,

Principal (P) = Rs 12000 Rate (R) = 5 ​ ​ % ​ ​ p .a . Time (T) = 3 years

The amount can be calculated by using formula,

A = P 1 + R 100 n

……….(1)
Where

A =

Amount,

P =

Principal,

R =

Rate,

n =

Time.
Compound interest, C.I. can be evaluated by Amount – Principal.
The formula to compute the simple interest is given by

S . I . = P × R × T 100 ⋅ ⋅ ⋅ ⋅ ⋅ ⋅ (2)

Substitute the given value in equation (2) and solve the simple interest,

S . I . = P R T 100 ⇒ P = (S . I . × 100) (T × R) ⇒ P = (12000 × 100) (3 × 5) ⇒ P = Rs 80000

Substitute the given value in equation (1) and solve the amount A,

A = P 1 + R 100 n ⇒ A = 80000 1 + 5100 2 ⇒ A = 800001051002 ⇒ A = Rs 92610

Calculating the compound interest,

C .I . = 92610 − 80000 C .I . = Rs 12610

Hence, the compound interest is Rs.12610.
Therefore, option (1) is correct.

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