Question
Download Solution PDFThe difference in compound interest, under annual compounding, and simple interest on a certain sum at the same rate of interest in 2 years is 144% of the sum. Find the rate of interest per annum.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFGiven data:
The difference between Compound Interest (CI) and Simple Interest (SI) for 2 years = 144% of the principal (P)
Concept or formula:
Difference between CI and SI for 2 years is given by P × (r ÷ 100)2
Calculation:
Substitute the given values in the formula
⇒ 144% P = P × (r ÷ 100)2
⇒ (144/100)P = P × (R/100)2
Taking square root on both sides,
⇒ 12/10 = R/100
⇒ R = 120
Hence, the rate of interest per annum is 120%.
Last updated on Jun 30, 2025
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