On a sum of money, the simple interest for 2 years is Rs. 660,while the compound interest is Rs.696.30,the rate of interest being the same in both the cases. The rate of interest is

10%
11%
12%
13%

Correct Answer: 11%

Explanation:

Difference in C.I and S.I for 2 years

= Rs(696.30-660)

=Rs. 36.30.

S.I for one years = Rs330.

S.I on Rs.330 for 1 year =Rs. 36.30

Rate

= (100x36.30/330x1)%

= 11%

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