If compound interest for 4th year is Rs.3000 @ 10% p.a. then find the compound interest for 8th year.
Answer & explanation
Correct answer: option 3
10% = \(\frac{1}{10}\)
Ratio of Principal to Amount = 10 : 11
4th Year : 8th Year
104 : 114
⇒ 10000 : 14641
⇒ 10000R = 3000 (given)
⇒ 1R = \(\frac{3}{10}\)
⇒ 14641R = 14641 × \(\frac{3}{10}\) = 4392.3/-