Question : On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500. Find the rate of interest (per annum).
Option 1: 40%
Option 2: 10%
Option 3: 20%
Option 4: 30%
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Correct Answer: 20%
Solution :
Given: On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500.
From the given information we can conclude that,
The interest of INR $\frac{500}{2}$ i.e., INR 250 in 1 year is INR (550 – 500) = INR 50.
So, the rate of interest per annum = $\frac{\text{100×Interest}}{\text{P×T}}$ = $\frac{100×50}{250×1}$ = 20%
Hence, the correct answer is 20%.
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