Rs. 2400 is lent at the rate of 10 percent per annum. Which of the following statement(s) is/are correct?
I. The compound interest (compounding annually) for 3 years is Rs. 794.4.
II. The difference between simple interest and compound interest (compounding annually) after 3 years is Rs. 75.8
1
None of the statements are correct
2
Only statement I is correct
3
Only statement II is correct
4
Both statement I and II are correct