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    Question

    The difference between compound and simple interest on a

    sum of money for 2 years at 25% per annum is Rs. 880. The sum is:
    A 14,675 Correct Answer Incorrect Answer
    B 14,080 Correct Answer Incorrect Answer
    C 15,600 Correct Answer Incorrect Answer
    D 13,200 Correct Answer Incorrect Answer

    Solution

    Difference of compound interest and simple interest for 2 years = P(R/100)2 = P (25/100)2 ⇒  880 = P (1/16) ⇒  P = 880 × 16 = Rs. 14,080

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