The difference between the compound interest and simple interest on Rs. x at 7.5% per annum for 2 years is Rs. 45. What is the value of x?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. 8000
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Concept |
Understanding |
Application |
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Difference between CI and SI for 2 years formula: Difference = P(r/100)2 |
Given, r = 7.5%, time = 2 years Suppose P = x |
(P × 7.5 × 7.5)/(100 × 100) = 45 ⇒ P = 30000/3.75 ⇒ P = 8000 |