Compound Interest Practice Test 3

Question : 4 of 40

Marks: +1, -0

If the difference between compound and simple interest on a certain sum of money for 3 years at5% per annum is Rs. 244, the sum is :

Solution:

Here,

P[(1+5/100)^3-1]

-{P×5×3}/100=244

⇒P×1261/8000-{3P}/20=244

⇒P=32000

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