On the principal of Rs. 6400 if the rate of 25 % per annum is applied for 3 years, then what will be the value of (CI – SI) for that period?
Answer
Correct Answer : d ) Rs. 1300
Explanation :Given
Rate (R) = 25%
Principal (P) = Rs. 6400
Time = 3 years
Simple interest for 3 years will be
SI = PRT/100
SI = (25 x 6400 x 3)/100
SI = Rs. 4800
Compound interest for 3 years will be
\(CI=P\: [\: 1+\frac{R}{100}\: ]\: ^{T}\: -\: P\)
\(CI=P\: [\: 1+\frac{25}{100}\: ]\: ^{3}\: -\: P\)
CI = 6400 [(125/64) – 1]
CI = 100 x 61
CI = Rs. 6100
Therefore,
CI – SI = Rs. 1300
Hence, d is the correct answer.
Questions related to SI and CI are asked in various exams like SSC CGL, SSC MTS, SSC CPO, SSC CHSL, RRB JE, RRB NTPC, RRB GROUP D, RRB OFFICER SCALE-I, IBPS PO, etc.
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