The compound interest on a certain sum for 2 years is Rs. 615 and the simple interest for the same period is Rs. 600. Find the rate of interest per annum. MCQ with Answer and Explanation
The compound interest on a certain sum for 2 years is Rs. 615 and the simple interest for the same period is Rs. 600. Find the rate of interest per annum.
A. 8%
B. 6%
C. 4%
D. 5%
Answer: Option D
Solution (By JKSSB Mock Tests)
Simple Interest for 1 year = 600 / 2 = Rs. 300. The difference between compound and simple interest is the interest on the first year's interest = 615 - 600 = Rs. 15. Rate of interest = (15 / 300) * 100 = 5%.
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