The difference between the compound interest compounded annually and the simple interest on a certain sum of money for 2 years at 6% per annum is Rs. 14.40. Find the sum. MCQ with Answer and Explanation
The difference between the compound interest compounded annually and the simple interest on a certain sum of money for 2 years at 6% per annum is Rs. 14.40. Find the sum.
A. Rs. 4000
B. Rs. 3600
C. Rs. 4400
D. Rs. 4200
Answer: Option A
Solution (By JKSSB Mock Tests)
Difference for 2 years = P * (R/100)^2 => 14.40 = P * (6/100)^2 => 14.40 = P * (36 / 10000) => P = (14.40 * 10000) / 36 = 144000 / 36 = Rs. 4000.
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