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    Question

    The difference between compound and simple interest on a

    sum of money for 2 years at 2% per annum is Rs. 122. The sum is:
    A 3,14,670 Correct Answer Incorrect Answer
    B 3,10,080 Correct Answer Incorrect Answer
    C 3,15,600 Correct Answer Incorrect Answer
    D 3,05,000 Correct Answer Incorrect Answer

    Solution

    Difference of compound interest and simple interest for 2 years = P(R/100)2= P (2/100)2 ⇒ 122 = P (1/2500) ⇒ P = 122 × 2500 = Rs. 3,05,000

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