Compound Interest Practice Test 5

Question : 27 of 40

Marks: +1, -0

If the difference between the compound interest and the simple interest on a certain sum for 2 years at 8% per annum is Rs 32, then the sum is:

Solution:

SI={P×2×8}/100={4P}/25

CI=P(1+8/100)^2-P

=P(108/100×108/100-1)

=P(1664/10000)

∴{1664P}/10000-{4P}/25=32

⇒{64P}/10000=32

P=5000

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