Compound Interest Practice Test 2

Question : 21 of 40

Marks: +1, -0

On a sum of money, the simple interest for 2 years is Rs. 660, while the compound interest is Rs. 696.30, the rate of interest being the same in both cases. Find the rate of interest.

Rs. 12%
11%
10%
9%

Validate

Solution:

Here, S.I. for 1 year = Rs. 330
Since, simple interest of Rs. 330 for 1 year = 696.30 – 660 = Rs. 36.30
Hence, required rate

={36.30×100}/{330×1}=11%

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