On a certain sum, simple interest for 2 years is ₹9,600, whereas the compound interest compounded annually is ₹10,176. What is the rate of interest per annum?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is Option 2 i.e. 12%.
Si for one year = 9600/2 = 4800
Difference between CI and SI for 2 years = 10176 - 9600 = 576
Rate = × 100 = 12%