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Question : A certain sum was invested at the rate of 10% for 2 years at Compound interest and compounded annually. The same sum was invested for the same period and the same rate of interest at Simple interest. If the difference between Compound interest and Simple interest was Rs. 200 find the sum.

Option 1: Rs. 30,000

Option 2: Rs. 25,000

Option 3: Rs. 22,000

Option 4: Rs. 20,000


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 19th Jan, 2024

Correct Answer: Rs. 20,000


Solution : Solve by using the formula for 2 years: $D=\frac{PR^{2}}{10000}$ where $D$ = Difference between CI and SI, $P$ = Principal, $R$ = Rate of interest.
So, $200=\frac{P(10)^{2}}{10000}$
$\therefore P = 20000$
Hence, the correct answer is Rs. 20,000.

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