If compound interest received on a certain amount in the 2nd year is Rs. 250. What will be the compound interest (in Rs.) for the 3rd year on the same amount at 12% rate of interest?
Answer & explanation
Correct answer: option 3
Rate = 12% = \(\frac{3}{25}\)
Here,
2100R = 250
1R = \(\frac{250}{2100}\)
3rd year C.I. = 2352 × \(\frac{250}{2100}\) = 280