Q131
The compound interest (compounding annually) on a certain sum at the rate of 8 percent per annum for two years is Rs. 6656. What would be the simple interest on the same sum at the same rate of interest for two years?
A.
Rs. 6224
B.
Rs. 6400
AnswerC.
Rs. 5600
D.
Rs. 6336
Answer: Option B
Solution
Answer: Option B
Solution:
Rate = 8%Time = 2 years
Compound interest = 16.64% → 6656
1% → 400
Simple interest = 16% → 16 × 400 = 6400