The difference between the compound interest and simple interest on Rs.x at 7% per annum for 2 years is Rs. 24.50. What is the value of x?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is Option 1 i.e 5000
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Understanding |
Application |
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Given, r = 7%, t = 2 Years P = Rs. x Diff. = Rs. 24.5 |
Difference = P × (r/100)2 Hence, 24.5 = x × (7/100)2 24.5 = x × (49/10000) x = 245000/49 ⇒ x = 5000 |