Compound Interest - Quantitative Aptitude (MCQ) questions for Q. 20764

Q.  What will be the difference between simple interest and compound interest @ 10% per annum on a sum of Rs. 1000 after 3 years?
- Published on 07 Jul 17

a. Rs. 31
b. Rs. 32.10
c. Rs. 40.40
d. Rs. 64.10
e. None of these

ANSWER: Rs. 31
 
S.I. = Rs. [(1000 x 10 x 3) / 100] = Rs. 300
C.I. = Rs. [1000 x (1 + (10/100))3 - 1000] = Rs. 331
Difference = Rs. (331 - 300) = Rs. 31

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