the difference between compound interest and simple interest on a sum of rupees 15000 for 2 years is rupees 96.What is the rate of interest percent per annum?
Plz give an answer not a link.

Question

the difference between compound interest and simple interest on a
sum of rupees 15000 for 2 years is rupees 96 What is the rate of
interest percent per annum?
Plz give an answer not a link

Manbar Singh · Accepted Answer

Dear Student,

Please find below the solution to the asked query
:

Principal, P = Rs 15000Time, T = 2 yearsLet R be the rate % p
 a
CALCULATION OF SIMPLE INTEREST SINow,  SI = PRT100⇒ SI = 15000 × R × 2100⇒ SI = Rs 300 RCALCULATION OF COMPOUND INTEREST CIAmount, A = P 1 + R100T⇒ P + CI = P 1 + R1002⇒ 15000 + CI = 15000 1 + R1002⇒ CI = 15000 1 + R1002 - 1⇒ CI = 15000 1 + R210000 + R50 - 1⇒ CI = 15000 R2 + 200R10000⇒ CI = 32 R2 + 200R⇒ CI = 3R22 + 300RNow, CI - SI = Rs 96⇒ 3R22 + 300 R - 300 R = 96⇒ 3R22 = 96⇒ R2 = 64⇒ R = 8So, Rate of interest = 8% p
a

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the difference between compound interest and simple interest on a sum of rupees 15000 for 2 years is rupees 96.What is the rate of interest percent per annum? Plz give an answer not a link.

the difference between compound interest and simple interest on a sum of rupees 15000 for 2 years is rupees 96.What is the rate of interest percent per annum?
Plz give an answer not a link.