On a sum of money, the S.I. for 2 years is Rs. 660, while the C.I. is Rs. 696.30, the rate of interest being the same in both the cases. The rate of interest is________?

A. 10%
B. 10.5%
C. 12%
D. None of these

Explanation:

Difference in C.I. and S.I for 2 years = (696.30 – 660) = Rs. 36.30.

S.I for one year = Rs. 330.
S.I. on Rs. 330 for 1 year = Rs. 36.30
Rate = (100 * 36.30)/(330 * 1) = 11%

Correct Answer: None of these ✔

Last Updated: February 07, 2020