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Question

Find the sum invested if the difference between S.I. and C.I. on a sum for 2 years at 8% per annum is ₹ 480


A

₹ 55,000

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B

₹ 75,000

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C

₹ 85,000

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D

₹ 80,000

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Solution

The correct option is B

₹ 75,000


Let the Principal be P

Given C.I - S.I = ₹ 480 , n = 2 years and r = 8 %

S.I = P×T×R100

= P×2×8100

= 16P100 ----------------------------------(1)

C.I for the first year

= P×1×8100

= 8P100

Principal for 2nd year = P + 8P100 = 108P100

C.I for the second year = 108P×1×8100×100

= 864P10000

Total C.I for two years = 864P10000 + 8P100

= 1664P10000 -----------------------------------(2)

Given that the difference between C.I and S.I is ₹ 480

Hence from (1) and (2) , we have 1664P10000 - 16P100 = ₹ 480

64P10000 = ₹ 480

P = ₹ 75,000


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