Question

The difference between compound interest and simple interest on re 4800 for 2 years is rs 17.28. what is the rate of interest per annum?​

Answer 1

Answer:

6%

Step-by-step explanation:

4800 × r^2/100^2 = 17.28

4800r^2 = 172800

r^2 = 36 => r = 6%

Answer 2

The rate of interest is 6% per annum

Solution:

Given that,

Difference between Compound Interest and Simple interest = 17.28

Time period = 2 years

Principal amount = 4800

We have to find the rate of interest per annum

The difference between compound interest and simple interest for 2 years is given as:

$\text { Difference }=\mathrm{P} \times\left(\frac{R}{100}\right)^{2}$

So, using above formula

$\begin{array}{l}{17.28=4800 \times\left(\frac{R}{100}\right)^{2}} \\\\ {17.28=\frac{4800}{100 \times 100} \times \mathrm{R}^{2}} \\\\ {R^{2}=\frac{1728}{48}} \\\\ {R^{2}=36}\end{array}$

On taking square root on both sides we get

R = 6

Hence, rate of interest is 6% annum

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