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45
Q:

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

A) 10% B) 11%
C) 12% D) 13%

Answer:   B) 11%



Explanation:

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%

Subject: Compound Interest - Quantitative Aptitude - Arithmetic Ability
Exam Prep: Bank Exams
Job Role: Bank PO
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