New IFSCA Phase 1 Results Out - Enroll Here for Phase 2

    Register

    Question

    The simple interest on a sum of money for 3 years is 1,200 at a rate of 10% per annum. What is the compound interest on the same sum for the same time and rate, compounded annually?

    A 1755 Correct Answer Incorrect Answer
    B 1655 Correct Answer Incorrect Answer
    C 1362 Correct Answer Incorrect Answer
    D 1250 Correct Answer Incorrect Answer

    Solution

    ATQ, Let the principal be P Simple Interest (SI) = P×10×(3/100) = 1200 P = 4000 = 6655 – 5000 = 1655

    Practice Next