Akash borrows ₹ 65000 at 10% per annum simple interest for 3 yr and lends it at 10% per annum compound interest for 3 yr , Find his gain after three years.?

₹ 2015
₹ 1330
₹ 1300
None of these

Correct Answer: ₹ 2015

Explanation:

SI on ₹ 65000 at the rate of 10% for 3 yr
= (65000 x 10 x 3)/100 = ₹ 19500
CI on ₹ 65000 at the rate of 10% for 3 yr
= 65000(1 + 10/100)² - 65000
= 65000(11 x 11 x 11 - 10 x 10 x 10)/1000 = ₹ 21515
∴ Required gain = 21515 - 19500 = ₹ 2015

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