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  • Question
  • The difference between the simple interest on a certain sum at the rate of 10%per annum for 2 years and compound interest which is compounded every 6 months is Rs.124.05. what is the principal sum


  • Options
  • A. Rs.6000
  • B. Rs.8000
  • C. Rs.12000
  • D. none of these

  • Correct Answer
  • Rs.8000 

    Explanation

    Compound Interest on P at 10% for 2 years when interest is compounded half-yearly

     

    = P 1 + R 2 100 2 T - P = P 1 + 1 20 4 - P = P 21 20 4 - P

     

    Simple Interest on P at 10% for 2 years =  P R T 100 = P × 10 × 2 100 = P 5

     

    Given that difference between compound interest and simple interest = 124.05

      P * 21 20 4 - P - P 5 = 124 . 05

     

    => P 21 20 4 - 1 - 1 5 = 124 . 05

     P=8000

  • Tags: Bank Exams, Bank PO

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