Question : Find the difference between compound interest and simple interest for 2 years on a sum of Rs. 11000 at a rate of 11% per annum.
Option 1: Rs. 121.10
Option 2: Rs. 155.60
Option 3: Rs. 133.10
Option 4: Rs. 144.40
Correct Answer: Rs. 133.10
Solution :
Principal, $P$ = Rs. 11,000
Rate, $r$ = 11%
Difference between simple interest and compound interest
= $P(\frac{r}{100})^2$
= $11000(\frac{11}{100})^2$
= $11000×\frac{11}{100}×\frac{11}{100}$
= $133.10$
Hence, the correct answer is Rs. 133.10.
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