The difference between compound interest and simple interest on an amount of Rs.

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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

15000 x

1 +
R

2
- 15000

-

15000 x R x 2

= 96
100
100

15000

1 +
R

2
- 1 -
2R

= 96
100
100

15000

(100 + R)² - 10000 - (200 x R)

= 96
10000

R² =

96 x 2

= 64
3

R = 8.

Rate = 8%.

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