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On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:
- a)10%
- b)11%
- c)12%
- d)10.5%
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
On a sum of money, the simple interest for 2 years is Rs 660, while th...
Difference in C.I and S.I for 2 years
= Rs (6 96.30 – 660)
= Rs 36.30
S.I for one year =Rs 330
S.I on Rs 330 for 1 year = Rs 36.30
Rate = (100 × 36.30/330 × 1)% = 11%
= Rs (6 96.30 – 660)
= Rs 36.30
S.I for one year =Rs 330
S.I on Rs 330 for 1 year = Rs 36.30
Rate = (100 × 36.30/330 × 1)% = 11%
Most Upvoted Answer
On a sum of money, the simple interest for 2 years is Rs 660, while th...
Given:
Simple Interest for 2 years = Rs 660
Compound Interest for 2 years = Rs 696.30
To Find: Rate of Interest
Step-by-Step Solution:
Let's assume that the Principal amount is P and the Rate of Interest is R.
1. Simple Interest Formula:
Simple Interest (SI) = (P * R * T) / 100
Here, T = 2 years
So, from the given data, we can say:
660 = (P * R * 2) / 100
=> PR = 33000
2. Compound Interest Formula:
Compound Interest (CI) = P(1 + R/100)^T - P
Here, T = 2 years
So, from the given data, we can say:
696.30 = P(1 + R/100)^2 - P
=> P(R/100 + 1)^2 - P = 696.30
=> PR^2/10000 + 2PR/100 - P = 696.30
Now, we can substitute the value of PR from the first equation:
33R^2/100 + 66R/100 - P = 696.30
=> 33R^2 + 66R - 100P = 69630
3. Solving the Equation:
We have two equations and two variables (PR and R). So, we can solve for R.
From the first equation, we know that PR = 33000
=> P = 33000/R
Substituting this value in the second equation:
33R^2 + 66R - 100P = 69630
=> 33R^2 + 66R - 100(33000/R) = 69630
=> 33R^3 + 66R^2 - 3300000 = 69630R
=> 33R^3 + 66R^2 - 69630R - 3300000 = 0
We can solve this cubic equation using a calculator or software.
The solution is R = 11%
Therefore, the Rate of Interest is 11%.
Simple Interest for 2 years = Rs 660
Compound Interest for 2 years = Rs 696.30
To Find: Rate of Interest
Step-by-Step Solution:
Let's assume that the Principal amount is P and the Rate of Interest is R.
1. Simple Interest Formula:
Simple Interest (SI) = (P * R * T) / 100
Here, T = 2 years
So, from the given data, we can say:
660 = (P * R * 2) / 100
=> PR = 33000
2. Compound Interest Formula:
Compound Interest (CI) = P(1 + R/100)^T - P
Here, T = 2 years
So, from the given data, we can say:
696.30 = P(1 + R/100)^2 - P
=> P(R/100 + 1)^2 - P = 696.30
=> PR^2/10000 + 2PR/100 - P = 696.30
Now, we can substitute the value of PR from the first equation:
33R^2/100 + 66R/100 - P = 696.30
=> 33R^2 + 66R - 100P = 69630
3. Solving the Equation:
We have two equations and two variables (PR and R). So, we can solve for R.
From the first equation, we know that PR = 33000
=> P = 33000/R
Substituting this value in the second equation:
33R^2 + 66R - 100P = 69630
=> 33R^2 + 66R - 100(33000/R) = 69630
=> 33R^3 + 66R^2 - 3300000 = 69630R
=> 33R^3 + 66R^2 - 69630R - 3300000 = 0
We can solve this cubic equation using a calculator or software.
The solution is R = 11%
Therefore, the Rate of Interest is 11%.
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On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer?
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On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer?.
On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer?.
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On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer?, a detailed solution for On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of On a sum of money, the simple interest for 2 years is Rs 660, while the compound interest is Rs 696.30, the rate of interest being the same in both the cases. The rate of interest is:a)10%b)11%c)12%d)10.5%Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
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