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If difference between compound interest and simple interest on a sum of money for two years at 10% per annum is Rs.24, then the sum (in Rs.) is


A) 1800

B) 2000

C) 2400

D) 2500

Correct Answer:
C) 2400

Description for Correct answer:

Let sum = Rs.100, rate (R) = 10%, Time (T) = 2 years

S,I, = \( \Large Rs.\frac{100 \times 10 \times 2}{100} = Rs.20 \)

C.I. = \( \Large Rs.100\left[ \left(1 + \frac{10}{100}\right)^{2} - 1 \right] \)

= \( \Large Rs.100\left[ \left(\frac{11}{10}\right)^{2} - 1 \right] \)

= \( \Large Rs.100 \times \frac{21}{100} = Rs.21 \)

Difference between C.I. and S.I.

= R.21 - Rs.20 = Re.1.

If difference is Re.1, then sum = Rs.100

Hence, if difference is Rs.24, then

Sum = Rs.100 X 24 = Rs.2400


Part of solved Simple and compound interest questions and answers : >> Aptitude >> Simple and compound interest




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