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Question 12
The simple interest accrued on a sum of certain principal in 8 years at the rate of 13% per year is ₹6500. What would be the compound interest accrued on that principal at the rate of 8% per year in 2 years?
Solution
It is given,
$$\ \ \frac{\ P\times8\times13}{100}=6500$$
P = Rs 6250
Amount after 2 years = $$6250\left(1+\frac{8}{100}\right)^2=6250\times\frac{108}{100}\times\frac{108}{100}=7290$$
Compound interest = 7290 - 6250 = Rs 1040
The answer is option A.
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