What will be the difference in Simple interest and compound interest on 10,000 after 3 years at the rate of 10 percent per annum?
1. 310
2. 300
3. 326
4. 350
5. 400
1. 310
2. 300
3. 326
4. 350
5. 400
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Correct Answer – Option 1 : 310
Given:
P = 10,000
T = 3 years
R = 10%
Formula Used:-
Difference = (Sum × (Rate)2) × (300 + rate)/1003
Calculation:
Here, P = 10,000, R = 10%, T = 3 years
⇒ Difference = (10,000 × 100 × 310)/1000000
⇒ Difference = 310