Advertisements
Advertisements
Question
Choose the most appropriate option.
The difference between simple interest and compound interest at the same rate for rupees 5,000 for two years is rupees 98. The rate of interest is:
Options
12%
14%
`10 1/2%`
10%
Advertisements
Solution
14%
Explanation:
Here,
P = 5000
T = 2 years
Difference between S.I. and C.I. = 98
According to formulas
The difference for 2 years between S.I. and C.I.`="Pr"^2/(100)^2`
`98=(5000xx"r"^2)/(100)^2`
r2 = 196
∴ r = 14
∴ r = 14%
APPEARS IN
RELATED QUESTIONS
A certain sum of money was deposited in the bank and it became two-fold in 10 years, what is the rate of simple interest?
A person takes a loan of ₹200 at 5% simple interest. He returns ₹100 at the end of 1 yr. In order to clear his dues at the end of 2 yr, he would pay
A bank offers 5% compound interest calculated on a half-yearly basis. A customer deposits ₹1600 each on 1st January and 1st July of a year. At the end of the year, the amount he would have gained by way of interest is
A sum invested for 3 years compounded at 5%, 10%, and 20% respectively. In 3 years, if the sum amounts to ₹16632, then find the sum:
What would be the simple interest on Rs. 8400 in 9 months at the rate of 8.25 percent per annum?
A certain sum of money becomes three times itself in 20 years at simple interest. In how many years does it become double of itself at the same rate of simple interest?
A man gets a simple interest of Rs. 2,000 on a certain principal at the rate of 5% p.a. in 4 years. What compound interest will the man get on twice the principal in 2 years at the same rate?
The present worth of ₹ 169 due in 2 years at 4% per annum compound interest is
At what rate percent per annum with simple interest will a sum of money double in 12.5 years?
A sum of money becomes 1,331 times in 3 years as compound interest. The rate of interest is-
