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What is the difference between compound interest and simple interest for 2 yr on the sum of Rs. 1250 at 4% pa?
1. Rs. 3
2. Rs. 4
3. Rs. 2
4. Rs. 8

1 Answer

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Best answer
Correct Answer - Option 3 : Rs. 2

Given:

Time = 2 years

Sum = Rs.1250

Rate = 4%

Formula Used:

R = √(D/P) × 100

where, 

R = Rate

P = Sum

D = CI – SI

Calculation:

R = √(D/P) × 100

⇒ 4 = √(D/1250) × 100

⇒ 4/100 = √(D/1250)

Squarring on both sides,

⇒ 16/10,000 = D/1250

⇒ D = (16 × 1250)/10,000

⇒ D = 2

∴ Difference between CI and SI is Rs.2.

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