Question : The difference between compound interest and simple interest on a sum of Rs. 16,000 for two years is Rs. 160. Find the per annum rate of interest.
Option 1: 12%
Option 2: 10%
Option 3: 11%
Option 4: 15%
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Correct Answer: 10%
Solution : Given: Principal = Rs. 16,000 Time = 2 years We know, Difference between compound interest and simple interest = $P(\frac{r}{100})^2$, where $P$ = Principal, $r$ = Rate of interest ⇒ $160=16000(\frac{r}{100})^2$ ⇒ $\frac{r^2}{10000}×100=1$ ⇒ $r^2=100$ $\therefore r =10$% Hence, the correct answer is 10%.
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