Question
A sum of ₹12,000 is invested at an annual interest
rate of 10% for 2 years. What is the difference between the compound interest and simple interest at the end of 2 years?Solution
SI = P * R * T / 100 = 12000 * 10 * 2 / 100 = ₹2400. CI = P(1 + R/100)^T - P = 12000(1 + 10/100)^2 - 12000 = 12000(1.21) - 12000 = ₹2520. Difference = CI - SI = 2520 - 2400 = ₹120. Correct Option: a
More Simple and compound interest Questions
- Select the number from among the given options that can replace the question mark (?) in the following series.
17, 18, 22, 31, 47, ___ - Select the letter-pair that can replace the question mark (?) in the following series?
FK, HM, LQ, RW, ZE, ? - Select the number that can replace the question mark (?) in the following series.
24, 28, 37, 53, 78, ? - Which letter-cluster will replace the question mark (?) in the following series?
NPQR, OORQ, PNSP, ____, RLUN - A series is given with one term missing. Choose the correct alternatives from the given ones that will complete the series.
57, 59, 56, 61, 54, ___ - Which letter and number cluster will replace the question mark (?) to complete the given series?
LT6, KU12, IW24, FZ48, ____ - Which letter-cluster will replace the question mark (?) in the following series?
RGV, UME, ?, AYW, DEF
Relevant for Exams:
