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On a certain principal lent for 2 years at 10% per annum, the difference between compound interest (compounded annually) and simple interest is 65 rupees. Find the principal.

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

Correct answer: 6500 rupees

Solution

For 2 years the difference between compound and simple interest equals P(r/100)². With r = 10%, this is P/100 = 65, giving P = 6500 rupees.

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