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The Difference Between Compound Interest and Simple Interest on an Amount of ₹15000 for 2 Yr is ₹96. What is the Rate of Interest per Annum? - Mathematics

MCQ

The difference between compound interest and simple interest on an amount of ₹15000 for 2 years is ₹96. What is the rate of interest per annum?

Options

  • 8%

  • 10%

  • 12%

  • Data inadequate

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Solution

8%
Explanation : 
We know for two year,

Sum = difference `× (100/R)^2`

∴ `15000=96xx(100/R)^2`

⇒ `R^2=(96xx1000)/15000 ⇒ R= 8%`

Concept: Simple and Compound Interest
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