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Q: A sum of Rs. 8,000 is deposited for 3 years at 5% per annum compound interest (compounded annually). The difference of interest for 3 years and 2 years will be

  • 1
    Rs. 387
  • 2
    Rs. 441
  • 3
    Rs. 469
  • 4
    Rs. 503
  • Show Answer
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Answer : 2. "Rs. 441"
Explanation :

Answer: B) Rs. 441 Explanation: Given principal amount = Rs. 8000 Time = 3yrs Rate = 5% C.I for 3 yrs = 8000 x 105100 x 105100 x 105100 - 8000= Rs. 1261   Now, C.I for 2 yrs = 8000 x 105100 x 105100= Rs. 820    Hence, the required difference in C.I is 1261 - 820 = Rs. 441

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