The difference between compound interest and simple interest on a sum for two years at 8% per annum, where the interest is compounded annually is Rs.16. if the interest were compounded half yearly , the difference in two interests would be nearly Choose the correct choice from the following answers.
A) 24.64
B) 24.69
C) 24.62
D) 24.6
E) 24.61
Explanation:   For 1st year S.I =C.I.   Thus, Rs.16 is the S.I. on S.I. for 1 year, which at 8% is thus Rs.200   i.e S.I on the principal for 1 year is Rs.200   Principle = = Rs.2500   Amount for 2 years, compounded half-yearly   C.I = Rs.424.64   Also,   Hence, [(C.I) - (S.I)] = Rs. (424.64 - 400) = Rs.24.64   24.64nswer:24.64
<result>A</result>
The difference between compound interest and simple interest on a sum for two years at 8% per annum, where the interest is compounded annually is Rs.16. if the interest were compounded half yearly , the difference in two interests would be nearly