The difference between the compound interest compounded annually and the simple interest on a sum of...........

Quantitative Aptitude ( CCS) Compound Interest

The difference between the compound interest compounded annually and the simple interest on a sum of Rs. 1000 at a certain rate of interest for 2 years is Rs. 10. The rate of interest per annum is

10%

12%

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Explanation:

In such type of questions use given below formula, when 2 years CI and SI difference is given.
Principal = (Difference × 100²)/R²
Where R = Rate %
Principal = Rs. 1000,
Time = 2 years,
Difference = Rs. 10,
Put the value in formula,
1000 = (10 × 100²)/R²
1000 = (100000)/ R = 10%