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

A

None of the statements are correct

B

Only statement I is correct

C

Only statement II is correct

D

Both statement I and II are correct