Question : The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. The rate of interest per annum is:
Option 1: 6%
Option 2: 7%
Option 3: 8%
Option 4: 9%
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Correct Answer: 8%
Solution : $D=P\left (\frac{r}{100}\right)^{2}$, where D is the difference between simple interest and compound interest for 2 years on Principal $P$ with the rate of interest $r$ per annum compounded annually. ⇒ $96 = 15000\left ( \frac{r}{100}\right )^{2}$ ⇒ $r^2=\frac{960000}{15000}=64$ ⇒ $r$ = 8% Hence, the correct answer is 8%.
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