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Q: 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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  1.  Rs. 8750

  2.  Rs. 5780

  3.  Rs. 1080

  4.  Rs. 7805

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