The compound interest on a sum of money for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound interest and simple interest for the third year is
a)
Rs. 48
b)
Rs. 66.56
c)
Rs. 98.56
d)
None of these
Correct answer is option 'B'. Can you explain this answer?
Difference in Cl and SI in second year = Rs 32 Cl = SI for fist year = 800/2 = 400 This difference of Rs. 32 is the SI earned on Rs. 400 on one year (as the SI on first year is also added to principal for second year). r = [(100 x 32)/(400 x 1)] = 8% Difference between Cl and SI for 3^{rd} year = SI on Rs. 832 for one year = (832 x 1 x 8)/100 = Rs 66.56 Hence, option 2.
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The compound interest on a sum of money for 2 years is Rs. 832 and the simple interest on the same sum for the same period is Rs. 800. The difference between the compound interest and simple interest for the third year isa)Rs. 48b)Rs. 66.56c)Rs. 98.56d)None of theseCorrect answer is option 'B'. Can you explain this answer? over here on EduRev! Apart from being the largest CAT community, EduRev has the largest solved
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