Question : On a certain sum, the difference between compound interest and simple interest at 10% per annum for 2 years is Rs.250. The sum is _________.
Option 1: Rs.25,450
Option 2: Rs.26,550
Option 3: Rs.25,000
Option 4: Rs.26,000
Answer (1)
13th Jan, 2024
Correct Answer: Rs.25,000
Solution :
Difference between C.I and S.I for 2 years is given by
$D=P(\frac{r}{100})^2$
$250=P(\frac{10}{100})^2$
⇒$250=P(\frac{1}{100})$
⇒ $P$ = Rs. 25,000
So, the sum is Rs. 25,000.
Hence, the correct answer is Rs. 25,000.
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