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Question 24
The difference between the compound interest and simple interest for the amount Rs 5000/- in 2 years is Rs. 32. Then the rate of interest per annum is:
Solution
The difference between C.I and S.I for a period of 2 years is given by : P(R/100)^2
So we get :
P(R/100)^2 = 32
5000(R/100)^2 = 32
(R/100)^2 = 32/5000 = 16/2500
We get
R/100 = 4/50
R = 8%
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