Question : Find the difference between the simple interest and the compound interest payable annually on a sum of Rs. 6,500 at 7% per annum for 3 years. (Correct to two decimal places.)
Option 1: Rs. 94.34
Option 2: Rs. 97.78
Option 3: Rs. 98.73
Option 4: Rs. 95.67
Correct Answer: Rs. 97.78
Solution : Given: Sum of money($P$) = Rs. 6500 Interest rate ($r$) = 7% Time($t$) = 3 years Now, the difference of interest for 3 years = $\frac{Pr^2}{100^2}×(3+\frac{r}{100})$ = $\frac{6500×7^2}{100^2}×(3+\frac{7}{100})$ = $\frac{65×49}{100}×(\frac{307}{100})$ = Rs. 97.78 Hence, the correct answer is Rs. 97.78.
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Question : Find the difference between compound interest and simple interest when a sum of Rs. 15,625 is invested for 3 years at 4% per annum.
Option 1: Rs. 76
Option 2: Rs. 96
Option 3: Rs. 56
Option 4: Rs. 86
Question : On a certain sum, the difference between compound interest and simple interest at 10% per annum for 2 years is Rs.250. The sum is _________.
Option 1: Rs.25,450
Option 2: Rs.26,550
Option 3: Rs.25,000
Option 4: Rs.26,000
Question : On a certain sum of money lent out at 16% per annum, the difference between the compound interest for 1 year, payable half-yearly, and the simple interest for 1 year is Rs. 60. The sum is:
Option 1: Rs. 937.5
Option 2: Rs. 9,000
Option 3: Rs. 9,365
Option 4: Rs. 9,375
Question : On a certain sum of money lent out at 16% p.a. the difference between the compound interest between 1 year, payable half-yearly and the simple interest for 1 year is Rs. 56. The sum is:
Option 1: Rs. 1080
Option 2: Rs. 7805
Option 3: Rs. 8750
Option 4: Rs. 5780
Question : A sum becomes Rs. 7,436 in two years when interest is compounded annually at the rate of 4% per annum. What was the sum?
Option 1: Rs. 7,075
Option 2: Rs. 6,275
Option 3: Rs. 6,575
Option 4: Rs. 6,875
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