Question

The difference between compound interest and simple interest for two years on a sum of money is rupees 160 if the simple interest for two years will be rupees 2880, the rate of interest is.

Answer 1

∵ S.I. for 1 year =Rs. 1440

⇒ S.I. on Rs.1440 for 1 year = Rs.160

Hence, ∴ Rate per cent = (100 x 160) / (1440 x 1) %

= 100/9%

= 111/9%

the answer is