Multiple Choice Questions on The difference between simple interest and compound interest at the same rate for rupees 5 000 for t........... for Study NOtes Preparation

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Multiple Choice Questions

The difference between simple interest and compound interest at the same rate for rupees 5 000 for t...........

Quantitative Aptitiude (CLAT) Compound Interest
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    The difference between simple interest and compound interest at the same rate for rupees 5,000 for two years is rupees 98. The rate of interest is:

    10%

    Incorrect Answer

    14%

    Correct Answer

    12%

    Incorrect Answer

    10 1⁄2%

    Incorrect Answer
    Explanation:

    It will be 14% because -
    the formula to calculate the diff. between CI and SI for 2 yrs is
    P*(R/100)2 = difference.
    so , in this case,
    5000(R/100)2=98
    on further solving,
    we get r2=196 and hence r = 14

    By: Amit Kumar
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