The difference between

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Question

The difference between the compound interest and the simple interest
accrued on an amount of Rs. 18,000 in 2 years was Rs. 405. What was the
rate of interest p.c.p.a. ?

Options:

A . 12

B . 15

C . 18

D . 21

Answer: Option B

Let the rate be R% p.a.
[ 18000 ( 1 + ( R / 100 )^2 ) - 18000 ] - ((18000 * R * 2) / 100 ) = 405
18000 [ ( 100 + (R / 100 )^2 / 10000) - 1 - (2R / 100 ) ] = 405
18000[( (100 + R )^ 2 - 10000 - 200R) / 10000 ] = 405
9R^2 / 5 = 405
R^2 =((405 * 5 ) / 9) = 225
R = 15.
Rate = 15%.

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