If the difference between the compound interest compounded annually and the simple interest on a certain sum of money for three years at 10%per annum is ₹279, then the sum (in ₹)is:
Answer & explanation
Correct answer: option 4
The formula we used here is :-
Difference between CI and Si = \(\frac{P × R²× ( 300 + R) }{(100)³}\)
ATQ,
\(\frac{P × 10²× ( 300 + 10) }{(100)³}\) = 279
\(\frac{P × ( 300 + 10) }{(100)²}\) = 279
P = Rs. 9000