| If the simple interest on a sum of money for 2 yr at 6% per annum is Rs. 90, then what is the compound interest on the same sum at the same rate and for the same time? |
A) Rs. 84.40
B) Rs. 81.20
C) Rs. 86.30
D) Rs. 85.60
E) None of these
Correct Answer: E
Solution :
| Let the sum of money be Rs. x. |
| Then, \[\text{SI}=\frac{x\times 2\times 6}{100}=90\]\[\Rightarrow \]\[x=\frac{9000}{12}=750\] |
| Amount \[=750{{\left( 1+\frac{6}{100} \right)}^{2}}\] |
| \[=750\left( \frac{53}{50} \right)\left( \frac{53}{50} \right)=\text{Rs}.\,\,842.7\] |
| \[\therefore \] Compound interest\[=842.7-750=\text{Rs}.\,\,92.7\] |
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