What is the rate of interest (in %) if simple interest earned on a certain sum for the 3 years is Rs 6,000 and compound interest earned for 2 years is Rs 4,160?
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 8
S.I. for 3 yrs. = Rs.6000
S.I. for 2 yrs. = Rs.4000
S.I. for 2nd year = Rs.2000
→ CI for 2nd years = Rs.2160
Rate = 8%