The difference between the compound and simple interest on a certain sum for 2…

2023

The difference between the compound and simple interest on a certain sum for 2 years at the rate of 6% per annum is Rs 54. What is the sum ?

  1. A.

    16000 Rs

  2. B.

    12500 Rs

  3. C.

    15000 Rs

  4. D.

    14500 Rs

Attempted by 27 students.

Show answer & explanation

Correct answer: C

Key formula: For 2 years, the difference between compound interest and simple interest = P * (R/100)^2

  1. Substitute R = 6% and the given difference = 54:

  2. 54 = P * (6/100)^2 = P * 0.0036

  3. Solve for P: P = 54 / 0.0036 = 15000

Answer: 15000 Rs.

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