The difference between the compound interest and simple interest on ₹X at the rate of 8.5% per annum for 2 years is ₹260.10. What is the value of X?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 36,000.
Pr2/1002 = difference of CI and SI for 2 years
(X × 8.5 × 8.5)/(100 × 100) = 260.10
⇒ X = 2601000/(8.5 × 8.5)
⇒ X = 36000
∴ Value of X is Rs 36000