14. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?
A. 8 B. 10
C. 12 D. Cannot be determined
E. None of these
Answer: Option A
Explanation:
|
|
15000 x
|
|
1 +
|
R
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2
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- 15000
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-
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15000 x R x 2
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= 96
|
100
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100
|
15000
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|
|
1 +
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R
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2
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- 1 -
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2R
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|
= 96
|
100
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100
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15000
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(100 + R)2 - 10000 - (200 x R)
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|
= 96
|
10000
|
R = 8.
Rate = 8%.
Title :
Compound Interest Q14
Description : 14. The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of in...
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