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The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 2% per annum is Rs. 3. The sum (in Rs.) is:
  • a)
    Rs. 6000
  • b)
    Rs. 5000
  • c)
    Rs. 7500
  • d)
    Rs. 7000
Correct answer is option 'C'. Can you explain this answer?
Verified Answer
The difference between simple and compound interests compounded annual...
Let, the sum of the money be x. CI is compound interest and SI is Simple interest

Given,
CI – SI = 3
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The difference between simple and compound interests compounded annually on a certain sum of money for 2 years at 2% per annum is Rs. 3. The sum (in Rs.) is:a)Rs. 6000b)Rs. 5000c)Rs. 7500d)Rs. 7000Correct answer is option 'C'. Can you explain this answer?
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