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    Rs.3000 Amounts to What in Half of the Time?

    If Rs.3000 amounts to Rs.4320 at compound interest in a certain time, then Rs.3000 amounts to what in half of the time?

    1. Rs.3400
    2. Rs.3600
    3. Rs.3800
    4. Rs.3520
    Asked by vijay on 1st August 2015 in Maths.
    1 Answers
    Professor

    Answer: (2) Rs.3600
    Explanation:-
    Formula-
    Compound Interest = P [(1 + R/100)t – 1]
    Where, P = principal, R = rate, t = time.

    Let the rate of interest be = R %
    Time = T
    According to the question,
    4320 = 3000(1 + R/100)T
    (1 + R/100)T/2 = (1.44)1/2 = 1.2
    In T/2 years principal (Rs.3000) will amount to
    3000(1 + R/100)T/2 = 3000 x 1.2
    = Rs.3600
    Hence, the answer is (2) Rs.3600.

    Answered by Anurag Mishra on 2nd August 2015..