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Symbiosis National Aptitude Test SNAP 2015 Paper
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© examsnet.com
Question : 3
Total: 150
The compound interest on a sum for 2 years is ₹ 832 and the simple interest on the same sum at the same rate for the same period is ₹ 800. What is the rate of interest?
6%
8%
10%
12%
Validate
Solution:
Given CI = ₹ 832, SI = ₹ 800 and T = 2 years
From formula,
CI =
P
{
(
1
+
R
100
)
T
−
1
}
∴ 832 =
P
{
(
1
+
R
100
)
2
−
1
}
⇒ 832 =
P
{
1
+
R
2
10000
+
2
R
100
−
1
}
⇒ 932 =
P
{
R
2
10000
+
2
R
100
}
... (i)
Using SI formula,
SI =
P
×
R
×
T
100
⇒ 800 =
P
×
R
×
2
100
⇒ P =
40000
R
... (ii)
Now putting the value of P in Eq. (i) then,
932 =
40000
R
(
R
2
10000
+
2
R
100
)
⇒ 83 = 4R + 800
⇒ 4R = 32
∴ R =
32
4
= 8%
© examsnet.com
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