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The difference between compound interest and simple interest on a certain sum for 3 years at 5% per annum is ₹122. The sum is:

1. ₹ 16000
2. ₹ 15000
3. ₹ 12000
4. ₹ 10000

Correct answer: ₹ 16000

Solution

For 3 years, \(\text{CI} - \text{SI} = P\left[3\left(\frac{r}{100}\right)^2 + \left(\frac{r}{100}\right)^3\right]\). Substituting \(r=5\%\) and difference \(=122\) gives \(P=16000\).

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