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      Question

      A certain sum of money invested at R% p.a. fetches a

      compound interest (compounded annually) of 1620 and simple interest of Rs.1500 at the end of 2 years. Find the value of β€˜R’.
      A 10% Correct Answer Incorrect Answer
      B 17.4% Correct Answer Incorrect Answer
      C 8% Correct Answer Incorrect Answer
      D 16% Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Difference between compound interest and simple interest for 2 years = 1620 – 1500 = Rs.120 Simple interest for 1 year = 1500/2 = Rs.750 So, R = (120/750) Γ— 100 = 16%

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