Question of The Day23-01-2020

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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