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There is a 100% increase in an amount in 8 years at simple interest. Find the compound interest on ₹8000 after 2 years at the same rate of interest.

1. ₹2500
2. ₹2000
3. ₹2250
4. ₹2125

Correct answer: ₹2125

Solution

If the amount doubles in 8 years at simple interest, then SI in 8 years equals principal, so the rate is \(100/8=12.5\%\) p.a. For 2 years, CI on ₹8000 is \(8000[(1.125)^2-1]=8000(1.265625-1)=2125\).

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