Question : On what sum of money will the difference between the Simple Interest and Compound Interest for 2 years at 5% per annum be equal to Rs. 63?
Option 1: Rs. 24,600
Option 2: Rs. 24,800
Option 3: Rs. 25,200
Option 4: Rs. 25,500
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Correct Answer: Rs. 25,200
Solution :
Rate, R = 5%
Time, $n$ = 2 years
CI – SI = Rs. 63
Difference between CI and SI = $\frac{PR^2}{10000}$
⇒ 63 = $\frac{P×5^2}{10000}$
⇒ P = Rs. 25,200
Hence, the correct answer is Rs. 25,200.
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