Question
Compound interest on a certain sum of money for 2 years
is Rs.5160 while the simple interest on the same sum for the same time period is Rs.4800. Find the rate of interest.Solution
SI for 1 year = 4800/2 = Rs.2400 Difference between CI and SI for 2 years = Rs.(5160 – 4800) = Rs.360 Required rate = (360/2400) x 100 = 15%
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