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    Question

    The difference between compound and simple interest on a

    sum of money for 2 years at 5% per annum is Rs. 724. The sum is:
    A 2,89,600 Correct Answer Incorrect Answer
    B 2,90,080 Correct Answer Incorrect Answer
    C 2,75,600 Correct Answer Incorrect Answer
    D 2,65,000 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Difference of compound interest and simple interest for 2 years = P(R/100)2 = P (5/100)2 ⇒  724 = P (1/400) ⇒  P = 724 × 400 = Rs. 2,89,600

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