Compound Interest Practice Test 5

Question : 3 of 40

Marks: +1, -0

The difference between simple and compound interest on a certain sum of money for 3 years at 10% p.a is Rs 15.50. What is the sum?

Solution:

SI ={P×3×10}/100={3P}/10

CI=P(1+10/100)^3-P

=P(1331/1000-1)=P(331/1000)

Now

P(331/1000-3/10)=15.50

P(31/1000)=15.50

P=15.50×1000/31=500

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