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Question

The difference between compound interest and simple interest at the same rate on Rs.5000 for 2 years is Rs.72 What is the rate of interest per annum ?

A
20
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B
15
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C
12
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D
10
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Solution

The correct option is C 12
Let the rate per cent p.a.be r. Then,
S.I.=Rs.(5000×r100×2)=Rs.100r
C.I.=Rs.5000(1+r100)25000
=Rs.5000[(1+r100)21]
=Rs.5000[(1+r210000+2r100)1]
=Rs.5000(r210000+r50)=Rs.5000(r2+200r)10000
=Rs.(r22+100r)
C.I.S.I.=72
r22+100r100r=72
r22=72
r2=144
r=12%p.a.

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