SSC MTS Model Paper 6

Question : 44 of 150

Marks: +1, -0

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

Solution:

[ 15000 ×( 1 × { { R } } /{ 100 } ) ^ { 2 } - 15000 ] - ( { 15000 ×{ R } \times 2 } /{ 100 } ) = 96

⇒

15000 [ ( 1 + { { R } } /{ 100 } ) ^ { 2 } - 1 - { 2 { R } } /{ 100 } ] = 96

⇒

15000[ { ( 100 + { R } ) ^ { 2 } - 10000 - 200 { R } }/ { 10000 } ] = 96

{ R } ^ { 2 } - { 96 × 2 } /{ 3 } = 64 ⇒ { R } = 8

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