The difference between compound interest and simple interest on Rs 8000 at 5% P

Question

The difference between compound interest and simple interest on Rs 8000 at 5% P.a for 3 years is

Options:

A . Rs 50

B . Rs 60

C . Rs 61

D . Rs 600

Answer: Option C

S.I = Rs(8000 Ã— 5/100 Ã—3) = Rs 1200
C.I = Rs [8000 Ã— (1+5/100)³- 8000
= Rs [(8000 Ã— 21/20Ã—21/20Ã—21/20)-8000]
=Rs (9261-8000)=Rs 1261
(c.I)-(S.I) = Rs (1261 “ 1200) = Rs61.

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