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The difference between compound and simple rates of interest on ₹ 10000 for 3 yr at 5% per annum is

₹ 76.25
₹ 76.75
₹ 76.50
₹ 76

Correct Answer: ₹ 76.25

Explanation:

Required difference = P(R/100)² x [(300 + R)/100]
= 10000(5/100)² (305/100)
= 76.25

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