Question 9

The Simple Interest and Compound Interest on a certain sum of money for two years are Rs.8400 and Rs.8652 respectively. Find the rate of interest.

Solution

Let say, Sum is P and rate of interest is r %.

So, 2Pr/100=8400

or,Pr/100=4200.

and, $$P(1+r/100)^2-P=8652.$$

By solving it we get r=6% .

C is correct choice.

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