On a sum of money, the simple interest for 2 years is Rs. 326, while the compound interest is Rs. ...
On a sum of money, the simple interest for 2 years is Rs. 326, while the compound interest is Rs. 340, the rate of interest being the same in both the cases. The rate of interest is
Answer/Solution
8.58%
Steps/Work
Explanation:
The difference between compound interest and simple interest on Rs. P for 2 years at R% per annum
= (R × SI)/(2 × 100)
Difference between the compound interest and simple interest = 340 - 326 = 14
(R × SI)/(2 × 100) = 14
(R × 326)/(2 × 100) = 14
R = 8.58%
Answer: Option C
The difference between compound interest and simple interest on Rs. P for 2 years at R% per annum
= (R × SI)/(2 × 100)
Difference between the compound interest and simple interest = 340 - 326 = 14
(R × SI)/(2 × 100) = 14
(R × 326)/(2 × 100) = 14
R = 8.58%
Answer: Option C