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Question

The difference between compound interest and simple interest at rate of 16% per annum for 2 years is Rs. 192. Find the simple interest obtained on same amount for a period of 2 years at rate of 10% per annum.

A Rs. 2000 Correct Answer Incorrect Answer
B Rs. 3000 Correct Answer Incorrect Answer
C Rs. 2400 Correct Answer Incorrect Answer
D Rs. 1500 Correct Answer Incorrect Answer
E Rs. 1200 Correct Answer Incorrect Answer

Solution

Let, the amount be Rs. P. P[(1 + 16/100)2 – 1] – P × 16% × 2 = 192 P × 0.3456 – P × 0.32 = 192 P × 0.0256 = 192 P = 192 ÷ 0.0256 = Rs. 7500 Therefore, required interest = 7500 × 10% × 2 = Rs. 1500

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