The difference between the compound interest and simple interest on Rs. x at 11% per annum for 2 years is Rs. 60.50. What is the value of x?
Show answer & explanation
Correct answer: D
Explanation
Correct Answer is option 4 i.e. 5000
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Concept |
Understanding |
Application |
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Formula for difference between CI and SI for 2 years = P(r/100)2 |
Given, r = 11%, time = 2 years P = Rs. x Difference = Rs. 60.5 |
Hence, x × (11 × 11/100 × 100) = 60.50 ⇒ x = 605000/121 ⇒ x = 5000 |