Compound Interest Practice Test 3

Question : 9 of 40

Marks: +1, -0

The difference between simple and compound interest on a sum of Rs. 2000 for 3 years at 20% per annum will be:

Solution:

Required difference

=2000[(1+20/100)^3-1]

-{2000×20×3}/100

=2000×91/125-1200

= 1456 – 1200 = Rs. 256

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