Multiple choice

The difference between simple interest and compound interest on a sum of money at 6% per annum for 2 years is Rs. 216. Find the sum.

  1. Rs. 50,000

  2. Rs. 65,000

  3. Rs. 60,000

  4. Rs. 62,000

  5. Rs. 70,000
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

It is correct answer.

Let the sum be Rs x.

Therefore,  Simple Interest = x*6*2/100 = 0.12x           Compound Interest = x (1+6/100)^2 - x =0.1236x    

Difference in CI and SI =0.12x - 0.1236x = 0.0036x 

Difference which is given = 216 * 10000/36= 60,000

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