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    Question

    The difference between compound and simple interest on a sum of money for 2 years at 4% per annum is Rs. 580. The sum is:

    A 2,39,600 Correct Answer Incorrect Answer
    B 3,62,500 Correct Answer Incorrect Answer
    C 2,65,600 Correct Answer Incorrect Answer
    D 4,41,250 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Difference of compound interest and simple interest for 2 years = P(R/100)2 = P (4/100)2 ⇒  580 = P (1/625) ⇒  P = 580 × 625 = Rs. 3,62,500

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