Question : On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500. Find the rate of interest (per annum).
Option 1: 40%
Option 2: 10%
Option 3: 20%
Option 4: 30%
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Correct Answer: 20%
Solution :
Given: On a sum of money for 2 years compound interest and simple interest are INR 550 and INR 500.
From the given information we can conclude that,
The interest of INR
So, the rate of interest per annum =
Hence, the correct answer is 20%.
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