2024 · Q4
If the rate of interest is 5%, then what would be the difference between compound interest and simple interest received on ₹ 10,000 (each) after 3 years from now?
Elementary MathematicsSimple and Compound Interest
- A₹ 175.25
- B₹ 152.25
- C₹ 76.25
- D₹ 24.25
Explanation
The 3-year excess of compound interest over simple interest is Pr²(300 + r)/100³. With P = ₹10,000 and r = 5, this equals 10000 × 25 × 305/1,000,000. The result is ₹76.25, option (c).