Q:
The difference between simple interest and compound interest of a certain sum of money at 20% per annum for 2 years is Rs. 56. Then the sum is :
Answer & Explanation
Answer: C) Rs. 1400
Explanation: We know thatThe Difference between Compound Interest and Simple Interest for n years at R rate of interest is given by
Here n = 2 years, R = 20%, C.I - S.I = 56
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