Question
The difference between the compound interest and simple interest for the amount 5,000 in 2 years is 32. The rate of interest is
Answer: Option D
Answer: (d)Using Rule 6,Difference of 2 years= ${p × r^2}/10000$32 = ${5000 × r^2}/10000$$r^2 = {32 × 10000}/5000$ = 64r = $√{64}$ = 8%
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Answer: (d)Using Rule 6,Difference of 2 years= ${p × r^2}/10000$32 = ${5000 × r^2}/10000$$r^2 = {32 × 10000}/5000$ = 64r = $√{64}$ = 8%
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