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The difference between C.I. and S.I. on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

Correct answer: A. 8

  • A. 8
  • B. 10
  • C. 12
  • D. Cannot be determined

Explanation

For 2 years, the difference is P(r/100)^2. Thus Rs.96 = Rs.15,000 x (r/100)^2, so (r/100)^2 = 0.0064 and r = 8% per annum. The common error is choosing 10% by estimating the rate instead of taking the square root of the calculated square.

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