the difference between compound interest and simple interest on the sum of RS.7500 for 2 year at the same rate of interest is RS.108 . the rate of interest per annum is ??
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Compound Interest - Simple Interest = 108. We know that Compound Interest - Simple Interest = Principal* (Rate/100)^time . => 108 = 7500 (rate/100)^2
=> 108/7500 = (Rate/100)^2 => 36/2500 = (rate/100)^2 => (6/50)^2 = (rate/100)^2 => 6/50 = rate/100 => 6/50 *100 = rate => 6*2 = rate => rate = 12 hence rate of Interest = 12 % per annum .
=> 108/7500 = (Rate/100)^2 => 36/2500 = (rate/100)^2 => (6/50)^2 = (rate/100)^2 => 6/50 = rate/100 => 6/50 *100 = rate => 6*2 = rate => rate = 12 hence rate of Interest = 12 % per annum .
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