Question : The difference between the compound interest, when compounded annually, and the simple interest on a certain sum of money for 2 years at 4.2% is INR 8.82. What is the sum?
Option 1: INR 4,500
Option 2: INR 2,100
Option 3: INR 5,000
Option 4: INR 3,000
Answer (1)
16th Jan, 2024
Correct Answer: INR 5,000
Solution :
Difference = INR 8.82
Rate = 4.2%
Sum = Difference $\times (\frac{100}{\text{Rate}})^2=8.82 \times (\frac{100}{4.2})^2$ = INR 5,000
Hence, the correct answer is INR 5,000.
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