On a certain sum of money lent out at 16% p.a. the difference

On a certain sum of money lent out at 16% p.a. the difference between the compound interest for 1 year, payable half yearly, and the simple interest for 1 year is ₹ 56. The sum is

As per the given in question ,
Rate of interest = 8% per half year , Time = 2 half years , Difference = C.I. - S.I. = ₹ 56

⇒ Difference of interests =	PR²
	100

⇒ 56 =	P × (8)²
	(100)²

⇒ P =	56 × 10000	= ₹ 8750
	64