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Q: The difference between simple interest and compound interest of a certain sum of money at 20% per annum for 2 years is Rs. 56. Then the sum is :

  • 1
    Rs. 3680
  • 2
    Rs. 2650
  • 3
    Rs. 1400
  • 4
    Rs. 1170
  • Show Answer
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Answer : 3. "Rs. 1400"
Explanation :

Answer: C) Rs. 1400 Explanation: We know thatThe Difference between Compound Interest and Simple Interest for n years at R rate of interest is given by C.In - S.In = PR100n Here n = 2 years, R = 20%, C.I - S.I = 56 56 = P201002=> P = 56 x 52=> P = 56 x 25=> P = Rs. 1400

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