On a certain sum of money lent out at 16% per annum, the difference between the compound interest for 1 year

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