(D) The difference between compound interest $(CI)$ and simple interest $(SI)$ for $3$ years is given by the formula: $Difference = P \times (r/100)^2

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(D) The difference between compound interest $(CI)$ and simple interest $(SI)$ for $3$ years is given by the formula: $Difference = P \times (r/100)^2 \times (3 + r/100)$.Given $Difference = ₹ 186$,$r = 10 \%$,and time $n = 3$ years.Substituting the values:$186 = P \times (10/100)^2 \times (3 + 10/100)$$186 = P \times (1/10)^2 \times (3 + 0.1)$$186 = P \times (1/100) \times 3.1$$186 = P \times 0.031$$P = 186 / 0.031$$P = 6000$.Therefore,the sum of money is ₹ $6000$.

Competitive Quantitative Aptitude Interest Compound Interest

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If the difference between the compound interest and simple interest on a sum of money for $3$ years is ₹ $186$,find the sum of money (in ₹) if the rate of interest in both cases is $10 \%$.

A
$5500$
B
$7200$
C
$6500$
D
$6000$

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If the difference between the compound interest and simple interest on a sum of money for $3$ years is ₹ $186$,find the sum of money (in ₹) if the rate of interest in both cases is $10 \%$.

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