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A sum of Rs 6000 becomes Rs. 7200 in 2 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs.) after 3 years?

A sum of Rs 6000 becomes Rs. 7200 in 2 years, when invested in a scheme of simple interest. If the same sum is invested in a scheme of compound interest with same yearly interest rate (compounding of interest is done yearly), then what will be the amount (in Rs.) after 3 years? Correct Answer 7986

Given Principal (P) = Rs. 6000, Amount (A) = Rs. 7200, Time Period (T) = 2 years

Amount (A) = Principal

⇒ 7200 = 6000

⇒ = 7200/6000 = 1.2

⇒ (RT/100) = 1.2 - 1 = 0.2

⇒ R = (0.2 × 100)/T = (0.2 × 100)/2 = 10%

Amount (in C.I) = P T = 6000 3 = 6000 (1.1)3 = 6000 × 1.331 = Rs. 7986

∴ Final Amount = Rs. 7986

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