Question : The difference between Compound Interest and Simple Interest on a certain sum of money for 2 years at 5% per annum is Rs. 41. What is the total sum?
Option 1: Rs. 7,200
Option 2: Rs. 9,600
Option 3: Rs. 16,400
Option 4: Rs. 8,400
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Correct Answer: Rs. 16,400
Solution : The difference between the Simple Interest and Compound Interest on a certain sum of money $P$ for 2 years at $R$% per annum is given by: $(CI - SI) = \frac{PR^{2}}{100^{2}}$ According to Question, The difference between CI and SI for 2 years is 41. So, $ 41= \frac{P(5)^{2}}{100^{2}}$ ⇒ $P = \frac{41\times100\times100}{5\times5}$ ⇒ $P = 16400$ Hence, the correct answer is Rs. 16,400.
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