Question

At the end of 2 years difference between simple and compound interest is Rs. 2166. If the principal is Rs. 60000, then what is the rate of interest?​

Answer 1

Answer:

7.9% p.a.

Step-by-step explanation:

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Answer 2

Answer:

Step-by-step explanation:

A special formula is used for such situations where SI and CI difference is given or asked, the formula is:

Difference = P ×$\frac{R}{100}^{2}$

Putting the values in the formula, we get:

2166 = 60000 ×$\frac{R}{100} ^{2}$

2166 = 6 ×$R^{2}$

2166/6 = $R^{2}$

361 = $R^{2}$

$\sqrt[n]{361}$ = R

19 = R