On a certain sum of money, the difference between the compound interest for a ye

Question

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 ?

Options:

A . Rs. 1080

B . Rs. 7805

C . Rs. 8750

D . Rs. 5780

Answer: Option C

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