On a sum of money, the simple interest for 2 years is Rs. 325, while the compound interest is Rs. ...

On a sum of money, the simple interest for 2 years is Rs. 325, while the compound interest is Rs. 340, the rate of interest being the same in both the cases. The rate of interest is

Quiz

Answer/Solution

9.23%

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 - 325 = 15
(R × SI)/(2 × 100) = 15
(R × 325)/(2 × 100) = 15
R = 9.23%
Answer: Option C

Gain Calculator / Auto Solver

On a sum of money, the simple interest for years is $, while the compound interest is $, the rate of interest being the same in both the cases. The rate of interest is

Calculated Answer

9.2307692307692

Step by Step Solution

In order to solve problem, you must evaluate ((n2 - n1 / n0 - n1 / n0) * 100) / (n1 / n0).

n0 =2
n1 =325
n2 =340