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Question

The difference between the compound interest and simple interest on a certain sum at 12% per annum for 2 years is 126.72. Find the sum.

A
8000
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B
8800
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C
10200
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D
12400
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Solution

The correct option is B 8800
Simple Interest SI=PNR100
So, SI=P×2×12100=Rs0.24P
When interest is compounded, Amount A=P(1+R100)n
So, Amount =P×(1+12100)2=P×1.12×1.12=Rs1.2544P
=>CI=AP=Rs1.2544PP=Rs0.2544P
Given, difference CISI=Rs126.72
=>0.2544P0.24P=Rs126.72
=>0.0144P=Rs126.72
=>P=Rs8800

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