At a certain rate per annum, the simple interest on a sum of money for one year

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Question

At a certain rate per annum, the simple interest on a sum of money for one year is Rs.260 and the compound interest on the same sum for two years is Rs.540.80. The rate of interest per annum is

Options:

A . 10%

B . 4%

C . 8%

D . 6%

Answer: Option C
Answer: (c)Using Rule 1,If A = Amount, P = Principal, r = Rate of Compound Interest (C.I.), n = no. of years then,A=P$(1 + r/100)^n$, C.I. = A - PC.I. = P$[(1 + r/100)^n - 1]$

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