Compound Interest - Arithmetic Aptitude Questions and Answers

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Discussion :: Compound Interest

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

Cannot be determined

None of these

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Answer : Option A

Explanation :

[15000 $*(1+\frac { R } { 100 } )^2-15000]$ -[ $[\frac { 15000*R*2 } { 100 } ]=96$

15000[ $*(1+\frac { R } { 100 } )^2-1$ - $\frac { 2R } { 100 } ]$ =96

15000[ $[\frac { (100+R^2)-10000-(200*R) } {10000 } ]=96$

R² = $[\frac { 96*2 } { 3 }]$ =64

R = 8.

Rate = 8%.

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