Question : Find the difference between compound interest (compounding annually) and simple interest on a sum of Rs. 56,000 for two years at 15% per annum.
Option 1: Rs. 1300
Option 2: Rs. 2410
Option 3: Rs. 1100
Option 4: Rs. 1260
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Correct Answer: Rs. 1260
Solution : Given: Principal = Rs. 56,000 Rate = 15% Time = 2 years We know that, $D=P(\frac{r}{100})^2$ where $D$ = Difference between CI and SI, $P$ = Principal, $r$ = Rate of interest. $⇒D=56000(\frac{15}{100})^2$ $\therefore D=56000\times\frac{3}{20}\times\frac{3}{20}=1260$ Hence, the correct answer is Rs. 1260.
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Question : The difference between compound interest and simple interest on a sum at 20% per annum for two years is Rs. 420. Find the sum (in Rs.).
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