SSC CHSL Model Paper 16

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Question : 64 of 100

Marks: +1, -0

What will be the difference between simple interest and compound interest at 4% per annum on a sum of Rs.5000 after 3 years?

Rs.24.32
Rs.28.56
Rs.32.48
Rs.36.18

Solution:

SI =\PRT/100

and

CI = P(1+R/100)^T-P

SI = \Rs.5000 × 3 ×4/100=600

CI = 5 0 0 0×(1+4/100)^3-5000

CI= 5 6 2 4 .3 2 - 5 0 0 0 = 6 24 .32

So difference

= (624.32 - 600) = 2 4.32

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