Banking Exams Quant — Question 1796
Question
The difference between compound interest and simple interest on a sum for 2 years at 10% per annum is ₹50. Find the sum.
- ₹4,000
- ₹5,000
- ₹6,000
- ₹5,500
Correct answer
B — ₹5,000
Explanation (English)
For 2 years, difference = P × (R/100)² = P × (0.1)² = 0.01P. So 0.01P = 50 → P = ₹5,000.
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