Compound Interest Practice Test 3

Question : 36 of 40

Marks: +1, -0

Find the sum on which the difference between compound and simple interest for 3 years at 10% per annum will be Rs. 868.

Solution:

Here,

P[(1+10/100)^3-1]-

{P×10×3}/100=868

⇒P×331/1000-{3P}/100=868

⇒P×31/1000=868

∴P=28000

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