Exams › SSC CGL (Prelims) › Maths

The difference between simple interest and compound interest (compounded annually) on a sum of money for 2 years at 10% per annum is ₹65. The sum is:

1. ₹ 65650
2. ₹ 6565
3. ₹ 65065
4. ₹ 6500

Correct answer: ₹ 6500

Solution

For 2 years, the difference between CI and SI is \(P\left(\frac{r}{100}\right)^2\). With \(r=10\%\), we get \(65 = P\times 0.01\), so \(P=6500\).

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