Question

    The difference between the compound interest compounded

    annually and simple interest of a sum at 15% p.a. for 2 years is Rs. 270. Find the sum.
    A Rs 8000 Correct Answer Incorrect Answer
    B Rs 10000 Correct Answer Incorrect Answer
    C Rs 12000 Correct Answer Incorrect Answer
    D Rs 15000 Correct Answer Incorrect Answer

    Solution

    Let the sum = Rs. P
    Using formula, Difference = P(R/100)²
    So, 270 = P(15/100)²
    Or, P = Rs 12,000

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