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The difference between compound interest and simple interest on a sum for 2 years at 15% per annum is ₹90. Find the sum. (answer in ₹)

Competition practiceSimple & Compound Interest

A4200
B3600
C4500
D4000

Step-by-Step Solution

For 2 years, difference =

P \cdot (R /100)^{2} = P \times (0.15)^{2} = 0.0225 P

. So

0.0225 P = 90

→

P

= ₹4000.

Answer: D) 4000

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