The difference between simple interest a

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Target Exam

CUET

Subject

General Test

Chapter

Numerical Ability

Topic

Compound Interest

Question:

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is ₹62. The sum is :

Options:

₹500

₹800

₹1,000

₹2,000

Correct Answer:

₹2,000

Explanation:

We know that, If the principal is 100%

CI for 3 years at 10% per annum is = 33.1%

for 3 years at 10% per annum is = 30%

Difference = 33.1 - 30 = 3.1%

So, 3.1% = 62

100% = 2000