Question
Mathematics Question on SI & CI
On a certain sum of money lent at 16% per annum, the difference between the compound interest for 1 year, payable half yearly and the simple interest for 1 year is ₹ 56. The sum is:
A
₹ 5,780
B
₹ 7,805
C
₹ 7,850
D
₹ 8,750
Answer
₹ 8,750
Explanation
Solution
The correct option is (D):₹ 8,750