The difference between the compound interest (compounded annually) and

1.	The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-1. 5%2. 10%3. 15%4. 20%
Answer» Correct Answer - Option 3 : 15% Given: Difference C.I and S.I for 2 years = Rs. 22.50 Time = 2 years Principal = Rs. 1000 Formula used: Difference C.I and S.I for 2 years = (principal × r²)/10000 Calculation: 22.50 = (1000 × r²)/10000 ⇒ r2 = 225 ⇒ r² = 15² ⇒ r = 15 ∴ The rate of interest per annum is 15%.

The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-1. 5%2. 10%3. 15%4. 20%

Answer» Correct Answer - Option 3 : 15%

Given:

Difference C.I and S.I for 2 years = Rs. 22.50

Time = 2 years

Principal = Rs. 1000

Formula used:

Difference C.I and S.I for 2 years = (principal × r²)/10000

Calculation:

22.50 = (1000 × r²)/10000

⇒ r2 = 225

⇒ r² = 15²

⇒ r = 15

∴ The rate of interest per annum is 15%.

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The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-1. 5%2. 10%3. 15%4. 20%

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