The difference between simple interest and compound interest at the same rate f

Question

The difference between simple interest and compound interest at the same rate for Rs.5000 for 2 years is Rs. 72. The rate of interest is?

Options:

A . 10 %

B . 12 %

C . 6 %

D . 8 %

Answer: Option B

5000 Ã— (1 +R/100) ² “ 5000 “(10000R/100)= 72
=> 5000 [(1 + R/100) ² “ 1 “ R/50] = 72
=> 1 + R²/100 + 2R/100 “ 1 “ R/50 = 72/5000
=> R² = (72/5000 Ã— 10000) = 144 or R =12%

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