The difference between the compound interest and the simple interest for 2 years on a sum of Rs.12000 at certain rate of interest is Rs 120. Find the rate of interest.

  • Option 1)

    100% p.a         

  • Option 2)

      110% p.a    

  • Option 3)

    10% p.a      

  • Option 4)

    105% p.a   

  • Option 5)

    11% p.a

Answers (1)

Difference for 2 years = Pr^{2}/100^{2}

120 = 12000 \times \frac{r^{2} }{10000}

r^{2} = 100

r = 10 %

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