The simple interest on a sum for 3 years at 6% is Rs. 540. The compound interest on the same sum for 2 years at 6% is: MCQ with Answer and Explanation

Explanation:
The sum becomes 2^1 times in 6 years. It will become 16 (2^4) times in 4 * 6 = 24 years.

Explanation:
Quarterly rate = 12 / 4 = 3%. Time = 4 quarters. Amount = 50000 * (1 + 3/100)^4 = 50000 * (1.03)^4 = 50000 * 1.12550881 = Rs. 56275.44. Compound Interest = 56275.44 - 50000 = Rs. 6275.44.

Explanation:
CI − SI = P × (R/100)² × (3 + R/100) = 2000 × 0.0025 × 3.05 = 2000 × 0.007625 = Rs. 15.25.