Practicing Success

Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

If in 6 years by simple interest the principal increases by 30%. What will be the approximate compound interest earned ( in Rs. lakh) on Rs. 15 lakh in 3 year at the same rate?

Options:

2.36

2.87

2.77

2.48

Correct Answer:

2.36

Explanation:

Rate = \(\frac{30%}{6}\) = 5%

 

Total CI = 3 (75000) + 3 (3750) + 187.5 = 236437.5 = 2.36 lakhs