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Compound Interest

Q1:

The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years 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

ANS:A - 8

  15000 x 1 + R 2 - 15000 - 15000 x R x 2 = 96
100 100
 15000 1 + R 2 - 1 - 2R = 96
100 100
 15000 (100 + R)2 - 10000 - (200 x R) = 96
10000
 R2 = 96 x 2 = 64
3
 R = 8.  Rate = 8%.



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