5Dec19 FS Q38

38The compound interest on a certain sum of money for 3 years at the rate of 10% per annum is ₹ 993.00. The simple interest on the same sum at the rate of 8% per annum for 4 years would he equal to which of the following?

Option : C
Explanation :

993 = P [1.331-1]
⇒ 993 = (0.331)P
P = 993/0.331 = 3000
Now, simple interest (S.I.) = Prt/100
= (3000 x 8 x 4)/100 = 960

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