📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    âš¡ Month End Offer - Flat 52% Off On All Courses! Enroll Now âš¡
    00:00:00 AM Left

    Question

    A man deposited Rs. 13000 at 10% compound interest,

    compounded annually while Rs. 11500 at 13% simple interest per annum. What will be the difference between the compound interest and the simple interest earned by him after 3 years?
    A Rs 218 Correct Answer Incorrect Answer
    B Rs 182 Correct Answer Incorrect Answer
    C Rs 365 Correct Answer Incorrect Answer
    D Rs 458 Correct Answer Incorrect Answer

    Solution

    Compound interest earned by the man in 3 years = 13000 × {(1 + 10/100)3 – 1)} = 13000 × 0.331 = Rs. 4303 Simple interest earned by the man in 3 years = 11500 × 0.13 × 3 = Rs. 4485 Required difference = 4485 – 4303 = Rs. 365

    Practice Next
    More ESIC Part B Questions

    Relevant for Exams:

    ask-question