The difference between the compound interest and simple interest on a certain sum at 3 per annum for...........

Quantitative Aptitude ( CCS) Compound Interest

The difference between the compound interest and simple interest on a certain sum at 3% per annum for 3 years is Rs. 27.27. The sum is

Rs. 12000

Rs. 15000

Rs. 10000

None of these

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Explanation:

Let the sum = P

time , t = 3 years

rate, r = 3%

compound interest = CI

Simple interest = SI

$\text{CI}= P {(1 + \frac{r}{100}) }^{t} - P \\ \\ \text{CI} = P{(1 + \frac{3}{100} )}^{t} - P \\ \\ \text{CI}= 1.092727P - P \\ \\ \textbf{CI = 0.092727P}$

Given that CI - SI = 27.27

= 0.092727P - 0.09P = 27.27

= 0.002727P = 27.27

= P = 27.27 / 0.002727

= P = 10000

Hence, option 3 is the correct answer.

By: Amit Kumar

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The difference between the compound interest and simple interest on a certain sum at 3 per annum for...........

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