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Question 60
Whatwill be the difference between the compound interest (interest is compounded annually) and simple interest on a sum of ₹ 3200 at the rate of 20% per annum for 2 years?
Solution
Principal sum = Rs. 3200 and rate of interest = 20%
Difference between C.I. and S.I. for 2 years = $$P\frac{r^2}{100^2}$$
= $$3200\times\frac{400}{10000}$$
= $$32\times4=Rs.$$ $$128$$
=> Ans - (A)
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