Question 55
The compound interest on a certain sum at the end of two years is Rs.408. The simple interest on the same sum for the same time is Rs.400. The rate of interest per annum is:
Solution
Difference of interest = 408 - 400 = 8
In the 2nd year, extra interest counts on the interest of the 1st year so.
Interest = $$\frac{prt}{100}
8 = $$\frac{400 \times r \times 1}{100}$$
r = 2%
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