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Tulsi Sethi
Asked: 2022-11-05T04:55:45+05:30 In:

The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-
1. 5%
2. 10%
3. 15%
4. 20%

The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-
1. 5%
2. 10%
3. 15%
4. 20%
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1 Answer

  1. Correct Answer – Option 3 : 15%

    Given:

    Difference C.I and S.I for 2 years = Rs. 22.50

    Time = 2 years

    Principal = Rs. 1000

    Formula used:

    Difference C.I and S.I for 2 years = (principal × r2)/10000

    Calculation:

    22.50 = (1000 × r2)/10000

    ⇒ r2 = 225

    ⇒ r2 = 152

    ⇒  r = 15

    ∴ The rate of interest per annum is 15%.

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