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The difference between the compound interest (compounded annually) and the simple interest on a sum of Rs. 1000 at a certain rate of Interest for 2 years is Rs 22.50. The rate of interest per annum is:-
1. 5%
2. 10%
3. 15%
4. 20%

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Correct Answer - Option 3 : 15%

Given:

Difference C.I and S.I for 2 years = Rs. 22.50

Time = 2 years

Principal = Rs. 1000

Formula used:

Difference C.I and S.I for 2 years = (principal × r2)/10000

Calculation:

22.50 = (1000 × r2)/10000

⇒ r= 225

⇒ r2 = 152

⇒  r = 15

∴ The rate of interest per annum is 15%.

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