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A man borrowed Rs. 8000 at per annum simple interest and immediately lent the whole sum at per annum compound interest. What does he gain at the end of 2 years?

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Rs. 60

Rs. 80

Rs. 1000

Rs. 120

answer is B.

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Detailed Solution

Concept- Compound interest is indeed the addition of interest to the principal sum of a loan or deposit.
We know that Question Image

Now, C.I.

Rs. 1680
We also know that S.I.

S.I

Rs. 1600
Gain

Rs. 80
Hence, the correct answer is option (2).

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