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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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