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The difference in simple interest and compound interest on a certain sum of money at $623 %$ per annum for 3 years in Rs. 46. Determine the sum.

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Rs 7275

Rs 3375

Rs 3718

Rs 3635

answer is B.

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Detailed Solution

Given,
Time period, t = 3 years,
Interest rate, r =

623 %

per annum or

203 %

per annum,
C.I. – S.I. = Rs 46 …… (1)
Here C.I. is the compound interest and S.I. is the simple interest.
Apply the compound interest and simple interest formula in equation (1).

⇒ P 1 + r 100 t − P − P r 100 t = 46

Now substitute, r =

203

, t = 3 in above equation,

⇒ P 1 + 203100 3 − P − P 2031003 = 46

Solve for P

⇒ 40963375 − 1.2 P = 46 ⇒ 463375 P = 46 ⇒ P = R s 3375

Thus, the required sum is Rs 3375.
Hence, the correct option is 2.

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