SSC MTS 2022 · PYQ · Simple and Compound Interest · medium
The difference between compound interest and simple interest on a sum of ₹16,000 for two years is ₹160. Find the per annum rate of interest.
Answer
The correct answer is B: 10%. For two years, CI – SI = P(R/100)². So 16000 × (R/100)² = 160 → R² = 100 → R = 10%.
- A.11%
- B.10%✓ Correct
- C.12%
- D.15%
For two years, CI – SI = P(R/100)². So 16000 × (R/100)² = 160 → R² = 100 → R = 10%. The rate is 10% per annum.
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