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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`[15000 xx (1 + R/100)^2 - 15000] - ((15000 xx R xx 2)/(1000))` = 96
`hArr 15000[(1 + R/100)^2 -1 - (2R)/(100)]`= 96
`hArr 15000[((100 + R)^2 - 10000 - 200R)/(10000)]` = 96
`hArr R^2 = (96 xx 2)/(3)`
`hArr R^2 = 64`
`hArr R = 8`
`:.` Rate = 8%.
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