If the difference between the compound interest and simple interest on a certain sum of money for 3 years at the rate of 4% per annum is Rs. 76, then what is the sum?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e Rs, 15,625.
Difference = PR2(R + 300)/1003
⇒ 76 = (P × 4 × 4)(4 + 300)/(100 × 100 × 100)
⇒ 76000000 = P × 16 × 304
⇒ P = Rs.15625