The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum. MCQ with Answer and Explanation

Question

The difference between simple interest and compound interest on a certain sum of money for 3 years at 10% per annum is Rs. 310. Find the sum.

A. Rs. 12000

B. Rs. 10000

C. Rs. 15000

D. Rs. 8000

Answer: Option B

Solution (By JKSSB Mock Tests)

Difference for 3 years = P * (R/100)^2 * (3 + R/100) => 310 = P * (10/100)^2 * (3 + 10/100) => 310 = P * (1/100) * (3.1) => P = 310 / 0.031 = Rs. 10000.

This question belongs to: Maths Compound Interest

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Compound Interest Questions

Question #1

Share Report

The difference between CI and SI on Rs. 7200 for 2 years at 10% is:

A. Rs. 68

B. Rs. 80

C. Rs. 60

D. Rs. 72

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option D

Explanation:
D = 7200 × 0.01 = Rs. 72.

This question belongs to: Maths Compound Interest

Question #2

Share Report

A sum of money placed at compound interest doubles itself in 5 years. In how many years will it amount to eight times itself?

A. 15 years

B. 20 years

C. 25 years

D. 10 years

View Answer & Solution Discuss

Get Complete Subject PDF for Maths

Correct Answer: Option A

Explanation:
A sum becomes 2 times in 5 years. It will become 4 (2^2) times in 2 * 5 = 10 years. It will become 8 (2^3) times in 3 * 5 = 15 years.

This question belongs to: Maths Compound Interest