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    Question

    Compound interest on a certain sum of money for 2 years

    is Rs.3400 while the simple interest on the same sum for the same time period is Rs.3200. Find the rate of interest.
    A 13.5% Correct Answer Incorrect Answer
    B 15% Correct Answer Incorrect Answer
    C 12.5% Correct Answer Incorrect Answer
    D 8% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    SI for 1 year = 3200/2 = Rs.1600 Difference between CI and SI for 2 years = Rs.(3400 – 3200) = Rs.200 Required rate = (200/1600) x 100 = 12.5%

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