Question

A certain sum of money when invested separately over a period of 2 years gives simple interest and compound interest as rs 400 and rs. 450 respectively. Find the rate of interest.

Answer 1

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Answer 2

Answer:

Step-by-step explanation: The S.I & C.I for first year is same = S.I/2 =400/2 = 200

Now, C.I for 2nd year = 450-200= 250.

Hence, rate of interest = (C.I of 2nd year - S.I) / S.I ×100 = (250-200)/200 ×100 = 25%