The difference in compound interest and simple interest for 2 years on a sum of money is Rs. 160. If the simple interest for 2 years be Rs. 2880, the rate per cent is?
Correct Answer: 111/9%
Explanation:
∵ S.I. for 1 year =Rs. 1440
⇒ S.I. on Rs.1440 for 1 year = Rs.160
Hence, ∴ Rate per cent = (100 x 160) / (1440 x 1) %
= 100/9%
= 111/9%
