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If the different between the compound interest and the simple interest on a certain sum for 2 yr at 8% per annum is ₹ 32, then the sum is

₹ 5000
₹ 5550
₹ 6000
₹ 5250

Correct Answer: ₹ 5000

Explanation:

Given, R = 8%, D = ₹ 32 and P = ?
By formula, D = P(R/100)²
⇒ 32 = P(8/100)²
∴ P = 32 x [(100 x 100)/(8 x 8)]
= ₹ 5000

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