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    Question

    Compound interest on a certain sum of money for 2 years

    is Rs.2860 while the simple interest on the same sum for the same time period is Rs.2600. Find the rate of interest.
    A 20% Correct Answer Incorrect Answer
    B 25% Correct Answer Incorrect Answer
    C 12.8% Correct Answer Incorrect Answer
    D 8% Correct Answer Incorrect Answer

    Solution

    SI for 1 year = 2600/2 = Rs.1300 Difference between CI and SI for 2 years = Rs.(2860 – 2600) = Rs.260 Required rate = (260/1300) x 100 = 20%

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