Compound interest on a certain sum of money for 2 years is Rs.2280 while the simple interest on the same sum for the same time period is Rs.2000. Find the rate of interest.
SI for 1 year = 2000/2 = Rs.1000 Difference between CI and SI for 2 years = Rs.(2280 – 2000) = Rs.280 Required rate = (280/1000) x 100 = 28%
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