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Question
The difference between compound interest and simple interest on an amount of ₹15000 for 2 years is ₹96. What is the rate of interest per annum?
Options
8%
10%
12%
Data inadequate
MCQ
Solution
8%
Explanation :
We know for two year,
Sum = difference `× (100/R)^2`
∴ `15000=96xx(100/R)^2`
⇒ `R^2=(96xx1000)/15000 ⇒ R= 8%`
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Simple and Compound Interest (Entrance Exam)
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