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On a certain sum of money, the compound interest for 2 years is Rs. 304.5 and the simple interest for the same period of time is Rs. 290. The rate of interest per annum:

  1. 9%
  2. 8%
  3. 11%
  4. 10%

Answer (Detailed Solution Below)

Option 4 : 10%
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Detailed Solution

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Given:

C.I for 2 years = Rs. 304.5

S.I for 2 years = Rs. 290

Calculation:

S.I for 1 year = Rs. (290/2) = Rs. 145

Difference between S.I and C.I = Rs. (304.5 – 290)

⇒ Rs. 14.5

Rate of interest per annum = (14.5/145) × 100%

⇒ 10%

∴ The rate of interest per annum is 10%

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