On a certain sum of money, the difference between the compound interest for a year, payable half yearly, and the simple interest for a year is Rs. 56.If the rate of interest in both the cases is 16%, then the sum is :

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Asked: January 4, 20222022-01-04T10:12:27+05:30 2022-01-04T10:12:27+05:30Category: Number Puzzles

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Mighty Ashish · Answer 1 · 2022-01-04T10:12:51+05:30

Explanation:

When the money is compounded half yearly the effective rate of interest for 6 months

=16\2=8

Let principal = (25)^2 = 625

4 units – 56

1 unit – 14

Principal = 14×625 = Rs. 8750