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      Question

      A person invested Rs. 7500 at a simple interest rate of

      12% per annum, and also invested Rs. 8000 at a compound interest rate of 15% per annum, compounded annually. Calculate the difference between the interest earned on both investments after 2 years.
      A Rs. 960 Correct Answer Incorrect Answer
      B Rs. 640 Correct Answer Incorrect Answer
      C Rs. 720 Correct Answer Incorrect Answer
      D Rs. 780 Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Interest earned on simple interest = 7500 X 0.12 X 2 = Rs. 1800 Interest earned on compound interest = 8000 X (1.15)┬а2┬а- 8000 = 8000 X (1.3225) - 8000 = Rs. 2,580 Therefore, required difference = 2580 - 1800= Rs. 780

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