The compound interest on a certain sum for 2 years is Rs 410 and simple interest is Rs 400 The rate ...........

Quantitative Aptitude ( CCS) Compound Interest

The compound interest on a certain sum for 2 years is Rs. 410 and simple interest is Rs. 400. The rate of interest per annum is

10%

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Explanation:

Given that SI in 2 years = Rs 400
⇒ SI for 1 year = Rs 400/2 = Rs 200
Hence CI for 1 year = Rs 200
Given compound interest for 2 years = Rs 410
Therefore CI for 2 years = CI for 1st year + CI for 2nd year
⇒ CI for 2nd year = Rs 410 – Rs 200 = Rs 210
That is interest on Rs 200 for 1 year = Rs 210 – Rs 200 = Rs 10

⇒ 2R = 10
∴ R = 5%