The difference between the compound interest and the simple interest on a sum for 2 years at 8% per annum is Rs. 48. What is the compound interest?
Correct answer D. Rs. 1,248
Explanation
P = 48 / (0.08)² = 7,500. CI = 7500 × (1.08² − 1) = 7500 × 0.1664 = Rs. 1,248.
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