Q: The difference between simple interest and compound interest on a sum for 2 years at 8% when the interest is compounded annually is ₹16. If the interest were compounded half-yearly the difference in two interests would be nearly
(a)₹ 21·35
(b)₹ 24·64
(c)₹ 27·85
(d)₹ 29·94
Correct Answer: (b)
The correct answer is (a) '₹ 21·35'. This question from the Quantitative Aptitude & Data Interpretation domain tests knowledge of Numerical Ability.