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:

Q: The difference between compound and simple interest on a sum of money for 2 years at 2% per annum is

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

A 3,14,670

B 3,10,080

C 3,15,600

D 3,05,000

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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:

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