The simple interest accrued on an amount of Rs.49500 at he end of three years is Rs.17820. What would be the compound interest accured on the same amount at teh same rate in the same period? (Round off your answer to two decimal places)
Q1. The simple interest accrued on an amount of Rs.49500 at he end of three years is Rs.17820. What would be the compound interest accured on the same amount at teh same rate in the same period? (Round off your answer to two decimal places)
Answer: Rs.20043.94
Explanation: SI rate = 17820/(49500×3) = 12%; CI = 49500×((1.12)³−1) = 49500×0.404928 ≈ Rs. 20043.94.