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What will be the compound interest at the rate of $5 %$ per annum for 3 years on that principal which in 3 years at the rate of $5 %$ per annum gives Rs. 1200 as simple interest?

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Rs.1261

Rs.1861

Rs.1721

Rs.1811

answer is C.

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Detailed Solution

Given,

Simple Interest (S . I .) = Rs 1200 Rate (R) = 5 ​ ​ % ​ ​ p .a . Time (T) = 3 years

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 ⋅ ⋅ ⋅ ⋅ ⋅ ⋅ (1)

Where,

A =

Amount,

P =

Principal,

R =

Rate, T=Time.
Substitute the given value in equation (1) and solve the simple interest,

S . I . = P × R × T 100 ⇒ P = (S . I . × 100) (T × R) ⇒ P = 1200 × 100) (3 × 5) ⇒ P = 12000015 ⇒ P = Rs 8 000

Substitute the given value in equation (2) and solve the amount A,

A = P 1 + R 100 n ⇒ A = 8000 1 + 5100 3 ⇒ A = 80002132003 ⇒ A = Rs 9261

Calculating the compound interest,

C .I . = 9261 − 8000 C .I . = Rs 1261

Hence, the compound interest is Rs.1261.
Therefore, option (3) is correct.

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