New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Compound interest on a certain sum of money for 2 years

    is Rs.2600 while the simple interest on the same sum for the same time period is Rs.2500. Find the rate of interest.
    A 13.5% Correct Answer Incorrect Answer
    B 15% Correct Answer Incorrect Answer
    C 12.8% Correct Answer Incorrect Answer
    D 8% Correct Answer Incorrect Answer

    Solution

    SI for 1 year = 2500/2 = Rs.1250 Difference between CI and SI for 2 years = Rs.(2600 – 2500) = Rs.100 Required rate = (100/1250) x 100 = 8%

    Practice Next