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The difference between compound and simple interest on a certain sum of money for 3 years at 6 2/3% p.a is Rs.184. Find the sum?

Correct answer: D. Rs.13500

  • A. Rs.12000
  • B. Rs.14200
  • C. Rs.17520
  • D. Rs.13500

Explanation

The rate 6 2/3% equals 1/15 per year. For 3 years, the compound-interest excess is P[3r² + r³] = P[3(1/15)² + (1/15)³] = P x 46/3375. Setting this equal to Rs.184 gives P = Rs.184 x 3375/46 = Rs.13500. Students may choose Rs.12000 by using only the first two terms or by rounding the rate incorrectly.

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