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Question 100
What is the rate of interest (in %) if simple interest earned on a certain sum for the 3rd year is Rs 2,000 and compound interest earned in 2 years is Rs 4,160?
Solution
$$PTR/100$$=2000
$$PR$$=200000
$$P(1+\frac{R}{100}^{2})-P$$=4160
$$P((200+R)(R))$$=4160
Dividing both the equations we have
1/(R+200) =20/4160
R+200=208
R=8%
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