NIACL Model Paper 2 with solutions for free online practice

Question : 11 of 100

Marks: +1, -0

If the compound interest on a certain sum of money for 3 years at 10% p.a. be ₹ 993, what would be the simple interest?

Solution:

P[1+10/100]^3-P=993⇒[11/10×11/10×11/10-1]P=993

⇒

[{1331-1000}/1000]P=993 or

={993×1000}/331=₹3000

∴Simple interest = ₹

[{3000×3×10}/100]=₹ 900

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