The difference between compound interest and simple interest on an amount of Rs.
7500 for 2 years is Rs. 300. What is the rate of interest per annum?
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P=7500 CI−SI=12
T=2yr
SI=100PRT=1007500×R×2=150R
CI=p(1+100x)2−P=7500[(1+100x2)−1]
⇒7500(1+100×100R2+1002R−1)−150R=12
⇒43R2+150R−150R=12
⇒R2=312×4=10 So R=4%
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