Question

29. The difference between compound interest and simple
interest on a sum of Rs.15000 for 2 yrs is Rs.96.
What is the rate of interest per annum?​

Answer 1

Answer = 8%

Simple Interest Formula:- PNR/ 100

Compound Interest Formula:- P(1+R)^N/100

P- Principle, N- Tenure, R- Rate of Interest

Now, here's the explanation:- Given above....