If difference between simple and compound interest earned on a sum of money at rate of 5 p.c.p.a. fo

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6.Interest

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If the difference between the simple and the compound interest earned on a sum of money at the rate of $5$ $p.c.p.a.$ for $2$ $years$ is $Rs. 16$ find the principal (In $Rs.$) ?

A

$6200$

B

$6400$

C

$6250$

D

$6750$

Solution

If the difference between CI and SI for 2 years is given then the Principal can be found using:

$\Rightarrow$ Principal $=\frac{(\text { Difference }) \times(100)^{2}}{(\text { Rate })^{2}}$

$=\frac{16 \times(100)^{2}}{(5)^{2}}=$ Rs. 6400

Standard 13

Quantitative Aptitude

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