The simple interest on a sum of money for 2 years at 8% is ₹ 800. The compound interest for the same sum at the same rate for 3 years will be approximately:₹ 850₹ 800₹ 1298₹ 1150

To solve this problem, we first need to find the principal amount. We know that the formula for simple interest is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.

Given: I = ₹800 R = 8% T = 2 years

We can substitute these values into the formula and solve for P:

800 = P82/100 800 = P*16/100 P = 800 * 100/16 P = ₹5000

Now, we need to find the compound interest for the same sum at the same rate for 3 years. The formula for compound interest is A = P(1 + R/100)^T, where A is the amount after T years, P is the principal amount, R is the rate of interest, and T is the time in years.

Substituting the values we have:

A = 5000(1 + 8/100)^3 A = 5000(1.08)^3 A = 5000 * 1.259712 A = ₹6298.56

The compound interest is then A - P = ₹6298.56 - ₹5000 = ₹1298.56.

So, the compound interest for the same sum at the same rate for 3 years will be approximately ₹1298.