Question 39
Compound Interest and Simple Interest on a certain sum of money for 2 years is Rs.282.15 and Rs.270 respectively. The rate of interest is:
Solution
CI for 2 years = Rs 282.15
SI for 2 years = Rs 270
SI for 1 year = $$ \frac{270}{2} =135 $$
difference between SI and CI = 282.15 - 270 = 12.15 Rs
rate% = $$ \frac{12.15}{135} \times 100 = 9$$%
for 1st year CI and SI will be same
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