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What is the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs. 6,000 and compound interest earned for 2 years is Rs. 4,160?
- A9
- B8
- C12
- D6
Answer not set
Discussion 1
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CCommunity
SI for 3 years = Rs. 6000
⇒ SI for 2 years = Rs. 4000
CI for 2 years = Rs. 4160
⇒ Difference in CI and SI for 2 years = Rs. 160
This difference is the Interest on SI for 1st year
∴ Rate of Interest = 160/2000 × 100 = 8%
⇒ SI for 2 years = Rs. 4000
CI for 2 years = Rs. 4160
⇒ Difference in CI and SI for 2 years = Rs. 160
This difference is the Interest on SI for 1st year
∴ Rate of Interest = 160/2000 × 100 = 8%