Rate of interest (in % ) if simple interest earned on a certain sum for 3 rd year is ₹ 2,000 and c

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6.Interest

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What is the rate of interest (in $\%$) if simple interest earned on a certain sum for the 3 rd year is $₹ 2,000$ and compound interest earned in 2 years is ₹ $4,160 ?$

A

$8$

B

$10$

C

$12$

D

$6$

Solution

(a) S.I for $3^{\text {rd }}$ year $=₹ 2000$.

C.I for 2 years $=₹ 4160$. Interest on Interest for $2^{\text {nd }}$ year $=₹ 160$.

$r \%=\frac{160}{2000} \times 100=8 \%$

Standard 13

Quantitative Aptitude

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