A person invests Rs. 10000 at simple interest for 3 years at 10%. How much more should he gain had he given it at compound interest?
Answer & explanation
Correct answer: option 3
Simple interest for 3 years @10% = 30%
Compound interest for 3 years @ 10% = 33.10%
Difference = 33.10% - 30% = 3.1%
Therefore, the difference = 10000 × 3.1% = 310/-