Difference between compound interest and simple interest on a certain sum at 5 % for 2 years is ₹

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6.Interest

easy

The difference between the compound interest and simple interest on a certain sum at $5 \%$ for $2$ years is ₹ $1.50$. The sum is (In ₹)

A

$700$

B

$600$

C

$500$

D

None of these

Solution

(b) We have, $CI – SI =P\left(\frac{R}{100}\right)^{2}$

$\Rightarrow \frac{3}{2}=P\left(\frac{5}{100}\right)^{2}$

$\left[\right.$ Here $, CI – SI =\frac{3}{2}$ and $\left.R=5\right]$

$\Rightarrow P=\frac{3 \times 20 \times 20}{2}=₹ 600$

Standard 13

Quantitative Aptitude

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