Question 15
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On a sum of money, the simple interest for 2 years is ₹ 660, while the compound interest is ₹ 696.30, the rate of interest being the same in both the cause. The rate of interest is:
- A 10%
- B 10.5%
- C 12%
- D None of these Correct
Correct Answer: Option D
Difference in C.I. and S.I. for 2 years
= ₹ (696.30 - 660)
= ₹ 36.30
S.I. on ₹ 330 for 1 year = ₹ 36.30.
| ∴ Rate |  |
100 x 36.30 |  |
| 330 x 1 |
= 11%
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