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Question

On what sum will the difference between the simple and compound interest for 3 years at 20% percent per annum amounts to Rs 66.56?

A Rs 540 Correct Answer Incorrect Answer
B Rs 520 Correct Answer Incorrect Answer
C Rs 500 Correct Answer Incorrect Answer
D Rs 450 Correct Answer Incorrect Answer
E Rs 480 Correct Answer Incorrect Answer

Solution

We have the formula: Difference = (PR2 (300 + R))/(100)3 66.56 = (P× (20)2× (300 + 20))/(100)3 P = (66.56× 100× 100× 100)/(20× 20× 320) P = Rs. 520

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