If the difference between compound interest and simple interest for a certain amount of money invested for \(3\) years at an annual interest rate of \(10\%\) is INR \(527\), then the amount invested…
Question and options
If the difference between compound interest and simple interest for a certain amount of money invested for years at an annual interest rate of is INR , then the amount invested in INR is
- 17000
- 15000
- 1500
- 170000
Answer and explanation
Correct answer: A - 17000
For 3 years at 10%, CI-SI = P(1.331-1-0.3) = 0.031P = 527, so P = 17000.
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