If the difference of the compound interest and the simple interest on a sum of money for 3 years is Rs. 186. Find the sum of money, if the rate of interest in both case be 10%.
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. Rs. 6000
Difference (CI - SI) = [P × R2]/[1003 (300 + R)]
⇒ 186 = [P × R2]/[1003 (300 + R)]
⇒ 186 = [P × 102]/[1003 (300 + 10)]
⇒ 186 = [P × 100]/[1003 (310)]
⇒ P = Rs. 6000