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    Question

    Determine the difference between

    the compound interest and the simple interest earned by Vinay, given that he lent Rs. 64,000 at an interest rate of 10% for 3 years under both interest types.
    A Rs.1900 Correct Answer Incorrect Answer
    B Rs.1650 Correct Answer Incorrect Answer
    C Rs.1084 Correct Answer Incorrect Answer
    D Rs.1984 Correct Answer Incorrect Answer

    Solution

    ATQ, Compound Interest earned by the man = 64000 × {(1 + 10/100)3 – 1} = Rs. 21184 Simple Interest earned by the man = (64000 × 10 × 3)/100 = Rs. 19200 So, required difference = 21184 – 19200 = Rs.1984

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