Question
A certain sum of money earns Rs. 360 as Simple Interest
and Rs. 381.6 as Compound Interest over a period of 2 years. What is the rate of interest?Solution
Let, rate of interest and principle amount be ‘r%’ per annum and Rs. ‘P’, respectively. Compound interest = P × {(1 + r/100)2 – 1} = 381.6 Simple interest = (P × r × 2)/100 = 360 So, P × {(1 + r/100)2 – 1} - (P × r × 2)/100 = 381.6 – 360 Pr2/10000 = 21.6 Pr = 216000/r So, (P × r × 2)/100 = 360 216000/r × 2 = 36000 r = 12
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