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?
Explanation:
15000×1+R1002-15000-15000×R×2100=96⇒150001+R1002-1-2R100=96⇒15000(100+R)2-10000-(200×R)10000=96⇒R2=96×23=64
⇒ R = 8.
∴ Rate = 8%.
Hence, option (a).
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