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?
Whatsapp
Facebook
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%.
Be The First To Comment