34.On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is
A. 10% B. 11%
C. 12% D. 10.5%
Answer:
Difference in C.I and S.I for 2 years = Rs(696.30-660)
=Rs. 36.30.
S.I for one years = Rs330.
S.I on Rs.330 for 1 year =Rs. 36.30
Rate = (100x36.30/330x1)%
=11%.
