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An amount increases by 50% in 5 years at a certain rate of simple interest. What will be the compound interest on ₹15,000 for 2 years at the same rate?

1. 1795
2. 3065
3. 3150
4. 1815

Correct answer: 3150

Solution

A 50% increase in 5 years under simple interest means the simple interest is 50% of principal in 5 years, so the annual rate is 10%. For ₹15,000 at 10% compound interest for 2 years, CI = $15000[(1.1)^2-1] = 15000(0.21)=3150$.

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