Soni gets a SI of Rs. 3360 on a certain principal at the rate of 7%p.a. in 3 years. What CI will she get on twice the principal in two years at the same rate?
P= (SI ×100)/ (R × T) = (3360 × 100)/ (7 × 3) = 16000 CI = P [1+ R/100]t - P CI = 32000[1+ 7/100]2 - 32000 CI = 32000 × 107/100 × 107/100 - 32000 => 2(18318.4 – 16000) => Rs. (2318.4)×2=4636.8.
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