Ishaan invested a certain amount at the rate of 6%p.a and obtained a SI of Rs.8,730 at the end of 3 yrs. What amount of CI would he obtain on the same amount at the same rate of interest at the end of 2 years?
SI =((P×R×T)/100) 8730 = (P×6 × 3 )/100 P = Rs. 48,500 Now, CI = P[1+R/100]n - P CI = 48500 (1+ 6/100)^2 - 48500 CI = 48500 (53/50)^2- 48500 CI = Rs. 54494.60 – 48500 CI = Rs.5994.60 Ixambee approach: Simple interest for one year = 8730/3 = Rs. 2,910 Rate in CI for 2 years = 6 + 6 + (6 ×6)/100 = 12.36% Compound interest = 2910/6 × 12.36 = Rs. 5994.60
