What will be the difference in simple and compound interest on Rs 2,000 after three years at the rate of 10% per annum?

Rs 60

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Rs 42

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Rs 62

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Rs 40

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Solution

The correct option is C Rs 62
CI - SI = P $(1 + \frac{R}{100})^{3}$ - P - $\frac{P R T}{100}$
= 2000 $(1 + \frac{10}{100})^{3}$ - 2000 - $\frac{2000 X 3 X 10}{100}$
= 2662 - 2000 - 600 = Rs 62

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