SSC CPO SI and ASI 2011 Paper

Question : 109 of 200

Marks: +1, -0

On a certain sum of money lent out at 16% p.a., the difference between the compound interest for 1 year, payable half yearly, and the simple interest for 1 year is Rs. 56. The sum is

Rs. 1080
Rs. 7805
Rs. 8750
Rs. 5780

Validate

Solution:

(3) Let the sum be Rs. P. Now Simple interest for 1 year at 8% will be equal to compound interest for half year at 8% compounded half yearly for 1 year. So, the difference will be the interest of the thus interests,

{P r^{2}}/{100^{2}}= {P ×8^{2}}{10000}=56

⇒ P=Rs. 8750

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