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      Question

      A difference between the interst received from two

      different bank on Rs. 400/- for 2 years is Rs. 4/-. What is the difference between their rates ?
      A 0.5% Correct Answer Incorrect Answer
      B 0.2% Correct Answer Incorrect Answer
      C 0.23% Correct Answer Incorrect Answer
      D 0.52% Correct Answer Incorrect Answer

      Solution

      Let the difference between the rates of interest be R% p.a. Principal = Rs. 400
      Time = 2 years
      Difference in Simple Interest = Rs. 4 Using the formula, SI = {P x R x T}/{100} So, 4 = {400 x R x 2}/{100} 4 = 8R R = {4}/{8} R = 0.5 Therefore, the difference between their rates of interest is 0.5% p.a.

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