On a certain sum of money the compound interest for 2 years is Rs 282 15 and the simple interest for...........

Quantitative Aptitude ( CCS) Compound Interest

On a certain sum of money the compound interest for 2 years is Rs. 282.15 and the simple interest for the same period of time is Rs. 270. The rate of interest per annum is

6.07%

10%

9 %

12.15%

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Explanation:

CI for 2 years = Rs. 282.15
SI for 2 years = Rs. 270
SI for 1 years = 270/2 = Rs. 135
Difference between CI and SI = (282.15 – 270) = Rs. 12.15
Required Rate % = 12.15/135 × 100 = 9%
Note: Always remember for first year CI and SI will
be same.