Question : What is the rate of interest (in %), if simple interest earned on a certain sum for the 3rd year is INR 2,000 and compound interest earned in 2 years is INR 4,160?
Option 1: 8
Option 2: 10
Option 3: 12
Option 4: 6
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Correct Answer: 8
Solution : It is given that simple interest for 3rd year = INR 2000 Simple interest(SI) in first 2 years = 2000 + 2000 = INR 4,000 (since SI remains the same for the equal period at the same rate) Compound interest(CI) in 2 years = 4160 The difference in (CI – SI) in 2 years = 4160 – 4000 = INR 160 Since this difference is the interest on the interest on 1st year. 160 = $\frac{2000×r}{100}$ $\therefore r=8$% Hence, the correct answer is 8.
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Question : What is the rate of interest (in %), if the simple interest earned on a certain sum for the 3 years is Rs. 6,000 and the compound interest earned for 2 years is Rs. 4160?
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Question : What is the ratio of the simple interest earned on a certain amount at the rate of 21% per annum for 8 years to that earned on the same sum at the same rate for 21 years?
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