Saved Bookmarks
| 1. |
The difference between the compound interest and the simple interest accrued on an amount of Rs. 18,000 in 2 years was Rs. 405. What was the rate of interest p.c.p.a. ? |
|
Answer» Let the rate be R% p.a. then, [ 18000 ( 1 + ( R / 100 )2 ) - 18000 ] - ((18000 * R * 2) / 100 ) = 405 18000 [ ( 100 + (R / 100 )2 / 10000) - 1 - (2R / 100 ) ] = 405 18000[( (100 + R )2 - 10000 - 200R) / 10000 ] = 405 9R2 / 5 = 405 R2 =((405 * 5 ) / 9) = 225 R = 15. Rate = 15%. |
|