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The difference between compound interest and simple interest on a sum for 2 years at 8% per annum is ₹96. Find the sum (answer in ₹).

Competition practiceSimple & Compound Interest

A15000
B14000
C16000
D12000

Step-by-Step Solution

Difference for 2 years =

P \times (r /100)^{2} = P \times 0.0064 = 96

. So

P = 96 \div 0.0064

= ₹15000.

Answer: A) 15000

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