The difference between the compound interest and the simple interest on a certain sum added 5% per annum for 2 years is ₹ 152. What is the amount (in ₹)?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 60,800.
Given:
The difference between the compound interest and the simple interest = 152
Rate = 5%
Formula used:
Difference between CI and SI for 2 years = P(r/100)2 ----- (1)
Calculations:
Using equation (1), we get
⇒ 152 = P(r/100)2
⇒ 152 × ((100 × 100)/5 × 5)
⇒ 152 × 4 × 100 = 60800