Question

10. On a sum of money the simple interest for 2 years is Rs.3264/- while the compound
interest is Rs.3459.84, the rate of interest being same in both the cases. What is
the rate of interest (p c.p.a) ?
1) 12
2) 16
3) 10.5
5) 11.5
​

Answer 1

Difference in C.I and S.I for 2 years=696.30−660= Rs. 36.30

S.I for 1 year = Rs. 330

S.I on 330 for 1 year = Rs. 36.30

S.I =100PRT

⇒36.30=100330×R×1

⇒R=33036.30×100=11 %