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The difference between simple interest and C.I. at the same rate for Rs.5000 for 2 years in Rs.72. The rate of interest is?

Correct answer: B. 12%

  • A. 10%
  • B. 12%
  • C. 6%
  • D. 8%Fun & Trivia

Explanation

For 2 years, the difference between compound and simple interest is P x r². Thus Rs.72 = Rs.5000 x r², so r² = 72/5000 = 0.0144 and r = 0.12 = 12%. Students may choose 10% by confusing the difference with the ordinary annual interest rate.

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