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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
Difference in C.I and S.I for 2 years
= Rs(696.30-660) =Rs. 36.30.
S.I for one years = Rs330.
S.I on Rs.330 for 1 year =Rs. 36.30
Rate = (100x36.30/330x1)% = 11%
Hence, option 1 is the correct answer.
By: Amit Kumar ProfileResourcesReport error
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