Question

Mr Gupta Bora 10,000 from his friend Mr Malik at 10% simple interest for 3 years and lent this money to his friend to Mr Goel at doubel the rate for same duration but compounded annually find his gain after 3 years

Answer 1

10000×10% = 1000
For 3 years = 3000
Mr. Malik have to give 3000 as interest
But he got 3310 as interest
P = 3310 - 3000 = 310
P% = 310×100/3000
= 10.3%