If the rate of interest is 5\%, then what would be the difference between compound interest and simple interest received on ₹10,000 (each) after 3 years from now?
- A. 175.25
- B. 152.25
- C. 76.25 ✓
- D. 24.25
Correct Answer: C. 76.25
Explanation
The difference between CI and SI for 3 years is P(\frac{R}{100})^2(3+\frac{R}{100}). Plugging in the values: 10000 \times (0.05)^2 \times 3.05 = 25 \times 3.05 = 76.25.
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