| On what sum of money will the difference between simple interest and compound interest for 2 yr at 5% per annum be equal to Rs. 63? |
A) Rs. 24600
B) Rs. 24800
C) Rs. 25200
D) Rs. 25500
Correct Answer: C
Solution :
| According to the question, |
| \[P\left[ {{\left( 1+\frac{r}{100} \right)}^{n}}-1 \right]-\frac{P\times r\times t}{100}=63\] |
| \[\Rightarrow \] \[P\left[ {{\left( 1+\frac{5}{100} \right)}^{2}}-1 \right]-\frac{10P}{100}=63\] |
| \[\Rightarrow \] \[P\left( \frac{11025-10000}{10000} \right)-\frac{10P}{100}=63\] |
| \[\Rightarrow \] \[\frac{1025P}{10000}-\frac{10P}{100}=63\] |
| \[\Rightarrow \] \[\frac{1025P-1000P}{10000}=63\] |
| \[\Rightarrow \] \[25P=Rs.\,630000\] |
| \[\Rightarrow \] \[P=\frac{630000}{25}=Rs.\,25200\] |
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