ECONOMICS
COMPOUND INTEREST
Question
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On a sum of $ 15000 for 2 years, if the difference between compound interest and simple interest is $ 96. Find the rate of interest per cent per annum.

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Explanation:
Detailed explanation1: The difference between compound interest and simple interest on an amount of Rs. 15, 000 for 2 years is Rs. 96. The rate of interest per annum is 8%.
Detailed explanation2: A = ₹ 18, 816. Q. Calculate the amount on ₹ 15, 000 in 2 years at 12 % compounded annually.
Detailed explanation3: Thus, the compound amount is ₹17820.
Detailed explanation4: 15000 at 5% per annum for two years is Rs 1500 and the amount after 2 years is Rs. 16500.
Detailed explanation5: The difference between C.I and S.I on the amount of Rs. 15000 for 2 years is Rs. 96 .
There is 1 question to complete.