On a certain sum, the difference between the compound interest, compounded annually, and the simple interest at 10% per annum for 3 years is ₹93. The sum is:

₹3,000

The formula used here is,

Difference in the simple interest and compound interest on a certain sum at R% per annum in 2 years = (CI - SI) = $\frac{PR^2(300+R)}{100^3}$

⇒ Difference in the simple interest and compound interest on a certain sum at 10% per annum in 2 years = Rs. 93

⇒ 93 = \(\frac{ P × R²× ( 300 + R)}{100³}\)

⇒ 93 = \(\frac{ P × 10²× ( 300 + 10)}{100³}\)

⇒ \(\frac{ 93 × 100² }{ 310}\) = P

⇒ P = 9000