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The difference between simple interest and compound on Rs. 1200 for one year at 10% per annum reckoned half-yearly is:

Rs. 2.50
Rs. 3
Rs. 3.75
Rs. 4
None of these

Correct Answer: Rs. 3

Explanation:

S.I. = Rs	❨	1200 x 10 x 1	❩	= Rs. 120.
		100

C.I. = Rs.	[	1200 x	❨	1 +	5	❩	2	- 1200	]	= Rs. 123.
					100

∴ Difference = Rs. (123 - 120) = Rs. 3.

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