Compound Interest Practice Test 5

Question : 31 of 40

Marks: +1, -0

The difference between the compound and simple rates of interest on Rs 10,000 for 3 years at 5% p.a is:

Solution:

SI={10,000×3×5}/100=1500

CI=10000[(1+5/100)^3-1]

=10,000(9261/8000-1)

=10,000×1261/8000=1576.25

Now, CI- SI= 1,576.25- 1,500= Rs 76.25

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