Question
Download Solution PDFThe difference between simple interest and compound interest at the same rate for Rs. 5300 for 2 years is Rs. 53. Find the rate of interest.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven:
Principal = Rs. 5300
Time = 2 years
Difference = Rs. 53
Formula used:
Difference = \(\frac {r^2}{10000} × Principal\)
Calculation:
⇒ 53 = \(\frac {r^2}{10000} × 5300\)
⇒ 530000 = r2 × 5300
⇒ 100 = r2
⇒ r = 10%
∴ The rate of interest is 10%
Last updated on Jun 12, 2025
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