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Difference between simple interest and compound interest for 3 years at 7% per annum is $ 192.55. What is the sum?

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A$12600
B$12080
C$12800
D$18280

Correct Option: 3  

Explanation:
Let the sum is $x. then
S.I.=(x*7*3 / 100) = 21x/100 = 0.21x
C.I = [x(1+7/100)^3 -x] = [x(107/100)^3 -x] = 0.225043x
CI-SI=192.55
=> 0.225043x- 0.210x = 192.55
=> 0.015043x = 192.55
=> x = 12800
posted Nov 26, 2017 by anonymous

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