Question

On a sum of money the SI for two years is Rs. $660$, while CI is Rs. $696.30$, the rate of interest being the same in both the cases. The rate of interest is:

• A. $10\%$
• B. $10\frac{1}{2}$
• C. $12\%$
• D. $11\%$

Answer 1

The correct option is D $11\%$

Difference in C.I and S.I for $2$ years$=696.30-660=$ Rs. $36.30$

S.I for $1$ year $=$ Rs. $330$

S.I on $330$ for $1$ year $=$ Rs. $36.30$

S.I $=\frac{PRT}{100}$

$\Rightarrow 36.30=\frac{330\times R\times 1}{100}$

$\Rightarrow R=\frac{36.30\times 100}{330}=11$ $\%$