| The difference between compound interest and simple interest on an amount of Rs. 15000 for 2 yr is Rs. 96. What is the rate of interest per annum? |
A) 8%
B) 10%
C) 12%
D) Cannot be determined
E) None of these
Correct Answer: A
Solution :
| \[\left[ 15000\times {{\left( 1+\frac{R}{100} \right)}^{2}}-15000 \right]-\left( \frac{15000\times R\times 2}{100} \right)=96\]\[\Rightarrow \] \[15000\left[ {{\left( 1+\frac{R}{100} \right)}^{2}}-1-\frac{2R}{100} \right]=96\] |
| \[\Rightarrow \]\[15000\left[ \frac{(100+{{R}^{2}})-10000-200R}{10000} \right]=96\] |
| \[\Rightarrow \] \[{{R}^{2}}=\frac{96\times 2}{3}=64\] |
| \[\Rightarrow \] \[R=8\] |
| \[\Rightarrow \] R=8% |
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