The simple interest on a sum of Rs. 8000 at a certain rate percent per annum for 3 years is Rs. 3,600. What will be the amount (in Rs.) of the same sum after 2 years at the same rate, if the interest is compounded 8-monthly?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 10648
SI = (P × R × T)/100
⇒ 3600 = 8000 × 3 × R/100
⇒ Rate = 15%
In 2nd condition,
Rate of interest = 15% × 8/12 = 10%
Amount = 8000(1 + 10/100)3
⇒ 8000 × 11/10 × 11/10 × 11/10 = 8 × 1331
⇒ 10,648