The difference between the amounts of compound interest and simple interest on the same amount invested at the same rate for 2 years in Rs. 32. If the interest rate is 4% per annum, calculate the amount invested.(in Rs.)
The difference between the amounts of compound interest and simple interest on the same amount invested at the same rate for 2 years in Rs. 32. If the interest rate is 4% per annum, calculate the amount invested.(in Rs.)
Solution
✅ Correct Option: 2
For 2 years, the difference between CI and SI is .
.
So the principal invested is Rs. 20,000.
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