Question
Download Solution PDFOn a certain sum of money, the compound interest for 2 years is Rs. 304.5 and the simple interest for the same period of time is Rs. 290. The rate of interest per annum:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
C.I for 2 years = Rs. 304.5
S.I for 2 years = Rs. 290
Calculation:
S.I for 1 year = Rs. (290/2) = Rs. 145
Difference between S.I and C.I = Rs. (304.5 – 290)
⇒ Rs. 14.5
Rate of interest per annum = (14.5/145) × 100%
⇒ 10%
∴ The rate of interest per annum is 10%Last updated on Jun 13, 2025
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