The simple interest on Rs.12000 at a certain rate of interest in five years is Rs.7200. Find the compound interest on the same amount for five years at the same rate of interest.
Options:
A . Rs.3502.80
B . Rs.3052.40
C . Rs.3054.8
D . Rs.3052.80
E . None of these
Answer: Option D
R = 100 I / PT => R = (100 * 7200)/ (12000 * 5) = 12% CI = P{ [1 + R /100]n - 1} = 12000 { [ 1 + 12 / 100]2 - 1} = Rs.3052.80
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