On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is

Deepak Sahoo • 10.63K Points
Tutor II Reasoning

Q. On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is

(A) 10%

(B) 11%

(D) 13%

Correct Answer - Option(B)

Explanation by: Deepak Sahoo

Difference in C.I and S.I for 2 years
= Rs(696.30-660)
=Rs. 36.30.
S.I for one years = Rs330.
S.I on Rs.330 for 1 year =Rs. 36.30 
Rate
= (100x36.30/330x1)%
= 11%

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