Question : The difference between simple and compound Interest compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. The sum is:
Option 1: Rs. 10,000
Option 2: Rs. 20,000
Option 3: Rs. 5,000
Option 4: Rs. 15,000
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Correct Answer: Rs. 5,000
Solution : Given: The difference between simple interest (SI) and compound interest (CI) compounded annually on a certain sum of money for 2 years at 4% per annum is Rs. 8. Time = 2 years Rate ($R$) = 4% per annum Let the principal be Rs. $P$. Formula Used: The difference between CI and SI for the same sum and same rate for 2 years = $\frac{PR^2}{10000}$ ⇒ $8 =P\times \frac{4^2}{10000}$ ⇒ $P = 5000$ Hence, the correct answer is Rs. 5,000.
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