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Question
The difference between C.I. payable annually and S.I. on Rs.50,000 for two years is Rs.125 at the same rate of interest per annum. Find the rate of interest.
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Solution
Let the rate of interest per year be r%.
S.I. in 2 years = Rs.`(50000 xx "r" xx 2)/(100)`
= Rs.1000r
And, C.I. in 2 years
= A - P
= Rs.`50000(1 + "r"/100)^2` - Rs.50000
Given, C.I. - S.I. = Rs.125
⇒ `50000(1 + "r"/100)^2 - 50000 - 1000"r"` = 125
⇒ `50000(1 + "r"^2/10000 + (2"r")/100) - 50000 - 1000"r"` = 125
⇒ 50000 + 5r2 + 1000r - 50000 - 1000r = 125
⇒ 5r2 = 25
⇒ r2 = 25
⇒ r = ±5
But the rater of interest cannot ne negative.
∴ Rate of interest is 5%.
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