Question 72

The difference between Compound Interest and Simple Interest in 2 years on a certain sum is Rs.8 at 8% rate. What is the sum?

Solution

Let say, the sum is P.

$$C.I=P\left(1+\frac{8}{100}\right)^2-P=0.1664P.$$

$$S.I=P\frac{2\times8}{100}=\frac{16P}{100}.$$

So, $$C.I-S.I=0.1664P-0.1600P=8.$$

or,$$0.0064P=8.$$

or,$$P=1250.$$

C is correct choice.

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