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There is 60% increase in an amount in 6 years at simple interest. What will be the compound interest of Rs. 12,000 after 3 years at the same rate?

Rs. 2160
Rs. 3120
Rs. 3972
Rs. 6240
None of these

Correct Answer: Rs. 3972

Explanation:

Let P = Rs. 100. Then, S.I. Rs. 60 and T = 6 years.

∴ R =	❨	100 x 60	❩	= 10% p.a.
		100 x 6

Now, P = Rs. 12000. T = 3 years and R = 10% p.a.

∴ C.I.

= Rs.	[	12000 x	{	❨	1 +	10	❩	3	- 1	]	]
						100

= Rs.	❨	12000 x	331	❩
			1000

= 3972.

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