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If the difference between the compound interest and simple interest on a sum of money at 5% pa for 2 yr is ₹ 16, then find the simple interest?

₹ 840
₹ 932
₹ 520
₹ 640

Correct Answer: ₹ 640

Explanation:

Given, CI - SI = 16, R = 5%, n = 2 yr and SI = ?
According to the formula,
CI - SI = (SI x R)/200
⇒ 16 = (SI x 5)/200
⇒ 16 = SI/40
∴ SI = ₹ 640

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