Question

The difference between $C.I$ and $S.I$ on the amount of $Rs.15000$ for 2 years is $Rs.96$. What is the rate of interest

Answer 1

$SI=\frac{15000\times r\times 2}{100}$

$CI=15000\left[\right(1+\frac{r}{100}{)}^2-1]$

Given that,

$CI-SI=Rs.96$

$⟹96=15000\left[\right(1+\frac{r}{100}{)}^2-1]$$-\left[\frac{15000\times r\times 2}{100}\right]$

Solving the above equation for $r$

we get,

$r=8\%$.