Simple interest on a sum at 8% per annum for 3 years is Rs. 288. The compound interest on the same sum for the same period is:Choose the best optionClear Response311.48219.12150200.05

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.

Given: Interest (I) = Rs. 288 Rate (R) = 8% per annum Time (T) = 3 years

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

288 = P * 8 * 3 / 100 P = 288 * 100 / (8 * 3) P = Rs. 1200

Now, we need to find the compound interest for the same sum for the same period. The formula for compound interest is A = P(1 + r/n)^(nt), where A is the amount of money accumulated after n years, including interest, P is the principal amount, r is the annual interest rate (in decimal), n is the number of times that interest is compounded per year, and t is the time the money is invested for in years.

In this case, the interest is compounded annually, so n = 1. The rate is 8%, so r = 8/100 = 0.08. The time is 3 years, so t = 3. The principal amount we found to be Rs. 1200.

Substituting these values into the formula:

A = 1200(1 + 0.08/1)^(1*3) A = 1200(1 + 0.08)^3 A = 1200 * 1.08^3 A = Rs. 1501.15

The compound interest is then A - P = 1501.15 - 1200 = Rs. 301.15

So, the compound interest on the same sum for the same period is Rs. 301.15. Therefore, the best option is not listed in the given choices.