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On a sum of money, the S.I. for 2 years is Rs. 660, while the C.I. is Rs. 696.30, the rate of interest being the same in both the cases. The rate of interest is________?

Correct answer: D. None of these

  • A. 10%
  • B. 10.5%
  • C. 12%
  • D. None of these

Explanation

The difference is Rs.696.30 - Rs.660 = Rs.36. For 2 years, the difference divided by the simple interest equals r/2, so r = 2 x Rs.36 ÷ Rs.660 = 0.10909, or about 10.91% per annum, which is not listed. Choosing 10% gives a difference of only Rs.33, while 10.5% gives about Rs.34.65, so option d is correct.

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