Question

The difference between compound interest and simple interest on an amount of
15,000 rupees for 2 years is 96 rupees . What is the rate of interest per annum?​

Answer 1

Aptitude :: Compound Interest - Discussion

Aptitude :: Compound Interest - Discussion15,000 for 2 years is Rs. 96. What is the rate of interest per annum? ... Rate = 8%.

Answer 2

$\large \underline\mathsf \purple{FIND:-}$

$S.I = \frac{p \times r \times t}{100} = \frac{15000 \times r \times 2}{100} = 300r$

$C.I = 15000[(1 + \frac{r}{100} {)}^{2} - 1] =$

$15000[1 + \frac{ {r}^{2} }{10000} + \frac{2r}{100} - 1] = 1.5 {r}^{2} + 300r$

$\blue \implies \: 1.5 {r}^{2} + 300r - 300r = 96$

$\blue \implies 1.5 {r}^{2} = 96$

$\blue \implies \: {r}^{2} = \frac{96}{1.5} = 64$

$∴r = 8 \implies \: rate = \: 8\%$

HOPE IT WILL HELP YOU.