Find the difference between the simple interest and the compound interest payable annually on a sum of Rs.6,500 at 7% per annum for 3 years

March 22, 2024

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Find the difference between the simple interest and the compound interest payable annually on a sum of Rs.6,500 at 7% per annum for 3 years. (Correct to two decimal places.)

a) 90.90

b) 97.78

c) 92.50

d) 88.80

Sol:

6500×7/100=455

455×7/100=31.85

31.85×7/100=2.295

3(31.85)+2.295=97.78

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