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      Question

      The difference between compound interest and simple

      interest on a certain sum at 20% per annum for 3 years is Rs. 576. Find the sum invested.
      A Rs. 5000 Correct Answer Incorrect Answer
      B Rs. 4000 Correct Answer Incorrect Answer
      C Rs. 5200 Correct Answer Incorrect Answer
      D Rs. 4500 Correct Answer Incorrect Answer

      Solution

      Using formula : Difference = P × (r/100)² × (3 + r/100)

      According to the question,

      P × (20/100)² × (3 + 20/100) = 576

      P × 0.04 × 3.2 = 576

      P × 0.128 = 576

      P = 576 ÷ 0.128

      P = 4500

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