The difference between compound interest and simple interest on a certain sum of money for 3 years at 16 \(\frac{2}{3}\)% p.a. is Rs. 57. The sum of money is:
Answer & explanation
Correct answer: option 4
16 \(\frac{2}{3}\)% = \(\frac{1}{6}\)
Here,
Difference = 19R = 57
1R = 3
Principal = 216R = 216 × 3 = Rs.648