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?
Option 1: 9
Option 2: 8
Option 3: 12
Option 4: 6
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Correct Answer: 8
Solution :
SI is denoted as simple interest and CI is denoted as compound interest.
SI for 3rd year = $\frac{6000}{3}=$ Rs. 2000
SI for every year will remain the same as Rs. 2000.
SI in 2 years = 2000 + 2000 = Rs. 4000
CI in 2 years = Rs. 4160
The difference in CI and SI in two years = 4160 – 4000 = Rs. 160
The rate of interest = $\frac{160}{2000}$ × 100 = 8%
Hence, the correct answer is 8.
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