![On a certain sum of money lent out at 16% per annum, the difference between the compound interest for 1 year](https://www.gkseries.com/blog/wp-content/uploads/2024/03/On-a-certain-sum-of-money-lent-out-at-16-per-annum-the-difference-between-the-compound-interest-for-1-year.jpg)
On a certain sum of money lent out at 16% per annum, the difference between the compound interest for 1 year, payable half-yearly, and the simple interest for 1 year is Rs. 60. The sum is?
a) 9393
b) 9375
c) 9870
d) 9555
Sol:
Rate = 16% p.a.
Time = 1 year (half-yearly)
Difference between CI and SI = Rs 60
![](https://www.gkseries.com/blog/wp-content/uploads/2024/03/image-140-952x1024.png)