Defence Exam > Defence Questions > The compound interest on a certain sum for 2 ...
Start Learning for Free
The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.
- a)1%
- b)2%
- c)3%
- d)4%
Correct answer is option 'B'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Verified Answer
The compound interest on a certain sum for 2 years is Rs. 60.60 and si...
GIVEN:
CI for 2 years = Rs.60.60
SI for 2 years = Rs.60
CI for 2 years = Rs.60.60
SI for 2 years = Rs.60
FORMULA USED:
SI = P × R × T/100
CI = P(1+R/100)2 - P
SI = P × R × T/100
CI = P(1+R/100)2 - P
CALCULATION:
Let the Principal be = P
⇒ 606 = 600 + 3R
∴ R = 6/3 = 2%
∴ 2% is the rate of interest.
Let the Principal be = P
⇒ 606 = 600 + 3R
∴ R = 6/3 = 2%
∴ 2% is the rate of interest.
Most Upvoted Answer
The compound interest on a certain sum for 2 years is Rs. 60.60 and si...
Given:
Compound interest for 2 years = Rs. 60.60
Simple interest for 2 years = Rs. 60
To find:
The rate of interest
Solution:
Let's assume the principal amount as P and the rate of interest as R.
Formula for compound interest:
Compound interest = P(1 + R/100)^n - P
Here, n = number of years = 2
So, we can rewrite the formula as:
60.60 = P(1 + R/100)^2 - P ----(1)
Formula for simple interest:
Simple interest = (P * R * n)/100
Given that simple interest for 2 years is Rs. 60, we can write the formula as:
60 = (P * R * 2)/100 ----(2)
Solving the equations:
Let's solve equations (1) and (2) to find the value of R.
From equation (2), we can rewrite it as:
R = (60 * 100)/(P * 2)
R = 300/P ----(3)
Substituting the value of R from equation (3) into equation (1), we get:
60.60 = P(1 + 300/P)^2 - P
Simplifying the equation:
60.60 = P(1 + 90000/P^2 - 2*300/P) - P
60.60 = P + 90000/P - 600/P - P
60.60 = 90000/P - 600/P
60.60 = (90000 - 600) / P
60.60 = 89400 / P
P = 89400 / 60.60
P = 1475
Now, substituting the value of P back into equation (3), we get:
R = 300/1475
R ≈ 0.2034
Converting the decimal to percentage, we get:
R ≈ 0.2034 * 100
R ≈ 20.34%
Hence, the rate of interest is approximately 20.34%, which is equivalent to option B (2%).
Compound interest for 2 years = Rs. 60.60
Simple interest for 2 years = Rs. 60
To find:
The rate of interest
Solution:
Let's assume the principal amount as P and the rate of interest as R.
Formula for compound interest:
Compound interest = P(1 + R/100)^n - P
Here, n = number of years = 2
So, we can rewrite the formula as:
60.60 = P(1 + R/100)^2 - P ----(1)
Formula for simple interest:
Simple interest = (P * R * n)/100
Given that simple interest for 2 years is Rs. 60, we can write the formula as:
60 = (P * R * 2)/100 ----(2)
Solving the equations:
Let's solve equations (1) and (2) to find the value of R.
From equation (2), we can rewrite it as:
R = (60 * 100)/(P * 2)
R = 300/P ----(3)
Substituting the value of R from equation (3) into equation (1), we get:
60.60 = P(1 + 300/P)^2 - P
Simplifying the equation:
60.60 = P(1 + 90000/P^2 - 2*300/P) - P
60.60 = P + 90000/P - 600/P - P
60.60 = 90000/P - 600/P
60.60 = (90000 - 600) / P
60.60 = 89400 / P
P = 89400 / 60.60
P = 1475
Now, substituting the value of P back into equation (3), we get:
R = 300/1475
R ≈ 0.2034
Converting the decimal to percentage, we get:
R ≈ 0.2034 * 100
R ≈ 20.34%
Hence, the rate of interest is approximately 20.34%, which is equivalent to option B (2%).
|
Explore Courses for Defence exam
|
|
Similar Defence Doubts
The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer?
Question Description
The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer?.
The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer?.
Solutions for The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? in English & in Hindi are available as part of our courses for Defence.
Download more important topics, notes, lectures and mock test series for Defence Exam by signing up for free.
Here you can find the meaning of The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer?, a detailed solution for The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? has been provided alongside types of The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice The compound interest on a certain sum for 2 years is Rs. 60.60 and simple interest is Rs. 60. Find the rate of interest.a)1%b)2%c)3%d)4%Correct answer is option 'B'. Can you explain this answer? tests, examples and also practice Defence tests.
|
|
Explore Courses for Defence exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup