Question
The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
Answer: Option A
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\(\left[15000\times\left(1+\frac{R}{100}\right)^{2}-15000\right]-\left(\frac{15000\times R\times2}{100}\right)= 96.\)
\(15000\left[\left(1+\frac{R}{100}\right)^{2}-1-\frac{2R}{100}\right]= 96. \)
\(15000\left[\frac{(100+R)^{2}-10000-(200\times R)}{10000}\right]=96.\)
R2 = \(\left(\frac{96\times2}{3}\right) = 64\)
R = 8.
So, Rate = 8 %.
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