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    When difference between compound and simple interest for three years is Rs. 93 at 10% interest per annum, the principal is Rs. ______
    Question

    When difference between compound and simple interest for three years is Rs. 93 at 10% interest per annum, the principal is Rs. ______

    A.

    3000

    B.

    2425

    C.

    3420

    D.

    4200

    Correct option is A

    Given:

    Difference between compound interest and simple interest for 3 years = ₹93

    Rate of interest per annum = 10%

    Time period = 3 years

    Formula Used:

    Difference between CI and SI for 3 years = P×(R100)2×(300+R)100 P × (\frac{R}{100})^2 × \frac{(300 + R)}{100}​​

    Solution:

    93=P×(10100)2×(310100) 93=P×10010000×(310100) P=Rs. 3000₹93= P × (\frac{10}{100})^2 × (\frac{310}{100}) \\\ \\₹93= P × \frac{100}{10000} × (\frac{310}{100}) \\\ \\P= \text{Rs. 3000}

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