Question 72

The difference between compound interest and simple interest on ₹x at 15% per annum for 2 years is ₹9. Whatis the value of x?

Solution

Formula for the difference between compound interest and simple interest :

CI - SI =$$\frac{Pr^2}{100^2}$$

9 = $$\frac{x \times 15^2}{100^2}$$

x = 400

So , the answer would be option b)400.

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