Simple & Compound Interest · Question 12 · Hard
The difference between the compound interest and simple interest on a sum for 3 years at 10% per annum is ₹93. What is the sum?
- ₹2,500
- ₹3,100
- ₹3,000
- ₹3,300
Answer and explanation
Answer: C. ₹3,000
Explanation: CI factor for 3 years = 1.331 − 1 = 0.331, SI = 0.3. Difference = 0.031P = 93, so P = ₹3,000.
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