The difference between C.I. and S.I. on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

Compound Interest 01/09/2021

A. 8
B. 10
C. 12
D. Cannot be determined

Explanation:

[15000 * (1 + R/100)2 – 15000] – (15000 * R * 2)/100 = 96

15000[(1 + R/100)2 – 1 – 2R/100] = 96
15000[(100 + R)2 – 10000 – 200R]/10000 = 96
R2 = (96 * 2)/3 = 64 => R = 8
Rate = 8%

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