Question

the simple interest and compound interest on a certain sum of money for 2 years are 2400 and 2640 respectively the rate of interest are same the rate on the sum lent at compound interest compounded annually find the rate of interest​

Answer 1

Answer:

difference of interest=

240

p(r/100) 2 = 240

Pr^2/10000=240

Pr^2 = 2400000

r=10, r2=100

P=2400000/100 = Rs 24000

r = 10%