Find the difference between compound interest and simple interest on a sum of Rs. 16000 in 3 years at 5% p.a.

Rs. 61 Rs. 122 Rs. 183 Rs. 244

Rs. 122

5% = \(\frac{1}{20}\) here, Difference = 61R Principal = 8000R = 16000 1R = 2 Difference = 61R = 61 × 2 = 122