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A. 8 B. 10 C. 12 D. Cannot be determined E. None of these Answer: Option A 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?
Solution(By Examveda Team)
$$\left[ {15000 \times {{\left( {1 +
\frac{R}{{100}}} \right)}^2} - 15000} \right]$$ $$ - $$ $$\left( {\frac{{15000 \times R \times 2}}{{100}}} \right)$$ $$ = 96$$
$$ \Rightarrow 15000\left[ {{{\left( {1 + \frac{R}{{100}}} \right)}^2} - 1 - \frac{{2R}}{{100}}} \right] = 96$$
$$ \Rightarrow 15000$$ $$\left[ {\frac{{{{\left( {100 + R} \right)}^2} - 10000 - \left( {200 \times R} \right)}}{{10000}}} \right]$$ $$ = 96$$
$$\eqalign{ & \Rightarrow {R^2} =
{\frac{{96 \times 2}}{3}} = 64 \cr & \Rightarrow R = 8 \cr & \therefore {\text{Rate}} = 8\% \cr} $$
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Comments ( 1 )
Related Questions on Compound Interest
Find the difference between the compound interest and the simple interest on an amount of Rs.15000 at 8% per annum for 2 years.
- Rs. 120
- Rs. 108
- Rs. 96
- Rs. 100
Answer (Detailed Solution Below)
Option 3 : Rs. 96
Free
SSC GD Previous Paper 2 (Held On: 13 Feb 2019 Shift 1)_Hindi
100 Questions 100 Marks 90 Mins
Given:
P = 15000, and R = 8%, Time = 2 years
Formula used:
The difference between CI and SI for 2 years = Pr2/1002
Where, P = Principal, r = rate
Calculation:
As we know,
The difference between CI and SI for 2 years = Pr2/1002
The difference between CI and SI for 2 years
⇒ (15000 × 8 × 8)/(100 × 100)
⇒ Rs. 96
∴ The difference between CI and SI for 2 years is Rs. 96.
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