The compound interest on a certain sum for 3 years at the rate of 10 percent per annum is Rs. 3310. What will be the simple interest on the same sum for 6 years of the same rate of interest? 

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  1. Rs. 7500
  2. Rs. 7200
  3. Rs. 6000
  4. Rs. 6500

Answer (Detailed Solution Below)

Option 3 : Rs. 6000
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Detailed Solution

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Given:

Compound Interest (CI) for 3 years at 10% = ₹3310

We need: Simple Interest (SI) for 6 years at 10% on same principal

Formula used:

CI = P × [(1 + R/100)t - 1]

SI = (P × R × T) / 100

Calculation:

Let principal = P

⇒ 3310 = P × [(1 + 10/100)3 - 1]

⇒ 3310 = P × [(1.1)3 - 1] = P × [1.331 - 1] = P × 0.331

⇒ P = 3310 / 0.331 = 10000

Now, SI for 6 years at 10%:

⇒ SI = (10000 × 10 × 6) / 100 = 6000

∴ Simple Interest = ₹6000

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