The difference between C.I. and S.I. on an amount of Rs. 15,000 for 2 years is

Question

The difference between C.I. and S.I. on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

Options:

A . 8

B . 10

C . 12

D . Cannot be determined

Answer: Option A

[15000 * (1 + R/100)² - 15000] - (15000 * R * 2)/100 = 96 15000[(1 + R/100)² - 1 - 2R/100] = 96 15000[(100 + R)² - 10000 - 200R]/10000 = 96 R² = (96 * 2)/3 = 64 => R = 8 Rate = 8%

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