| If the simple interest on a sum of money for 2 yr at 8% per annum is Rs. 120, then what will be the compound interest on the same sum at the same rate for the same time? |
A) Rs. 124.80
B) Rs. 110.20
C) Rs. 145.15
D) Rs. 186.25
Correct Answer: A
Solution :
| \[\text{Sum}=\text{Rs}\text{. }\left( \frac{100\times 120}{2\times 8} \right)=\text{Rs}\text{. 750}\] |
| \[\therefore \] \[\text{CI}=\left[ 750\times {{\left( 1+\frac{8}{100} \right)}^{2}}-750 \right]\] |
| \[=\text{Rs}\text{.}\left[ 750\times \frac{27}{25}\times \frac{27}{25}-750 \right]\] |
| \[=\text{Rs}\text{. (874}\text{.80}-\text{750)}=\text{Rs}\text{. 124}\text{.80}\] |
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