📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!

    Question

    Compound interest on a certain sum of money for 2 years

    is Rs.6800 while the simple interest on the same sum for the same time period is Rs.6400. Find the rate of interest.
    A 13.5% Correct Answer Incorrect Answer
    B 15% Correct Answer Incorrect Answer
    C 12.5% Correct Answer Incorrect Answer
    D 8% Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    SI for 1 year = 6400/2 = Rs.3200 Difference between CI and SI for 2 years = Rs.(6800 – 6400) = Rs.400 Required rate = (400/3200) x 100 = 12.5%

    Practice Next
    More Simple and compound interest Questions
    ask-question