📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    The difference between compound and simple interest on a

    sum of money for 2 years at 4% per annum is Rs. 580. The sum is:
    A 2,39,600 Correct Answer Incorrect Answer
    B 3,62,500 Correct Answer Incorrect Answer
    C 2,65,600 Correct Answer Incorrect Answer
    D 4,41,250 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 (4/100)2 ⇒  580 = P (1/625) ⇒  P = 580 × 625 = Rs. 3,62,500

    Practice Next
    More Simple and compound interest Questions
    ask-question