Question

An equal sum of money is invested in two schemes which offer interest at the same rate but one at simple interest and the other at compound interest (compounded annually). Simple interest and compound interest received at the end of 2 years is Rs. 1,200 and Rs. 1,320, respectively. Find the rate of interest.

A 24%
B 20%
C 12%
D 18%
E None of these
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