The simple interest on a certain sum for 2 yr is ₹ 120 and compound interest is ₹ 129. Find the rate of interest.

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Here, n = 2 yr, SI = ₹ 120 and CI = ₹ 129 CI = SI (1+ R/200) ⇒ 129 = 120(1 + R/200) ⇒ 129/120 = 1 + R/200 ⇒ (129/120) - 1 = R / 200 ⇒ 9/120 = R/200 ∴ R = (9 x 200)/120 = 15%

The simple interest on a certain sum for 2 yr is ₹ 120 and compound interest is ₹ 129. Find the rate of interest.

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