Question : The difference between the compound interest and simple interest on Rs. 5,000 for 2 years at 8% per annum payable yearly is:
Option 1: Rs. 30
Option 2: Rs. 31
Option 3: Rs. 33
Option 4: Rs. 32
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Correct Answer: Rs. 32
Solution : Principal Amount, $P$= Rs. 5000 Rate of interest, $R$ = 8% Time period, $T$ = 2 years Difference between compound interest and simple interest for 2 years = $\frac{{PR^2}}{100^2}$ = $\frac{{5000 × 8^2}}{100^2}$ = $\frac{{50 × 64}}{100}$ = Rs. 32 Hence, the correct answer is Rs. 32.
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