Select the correct answerThe difference between the interests received from two different banks on Rs.500 for 2 years is Rs.25. Find the difference between rates?
Question
Select the correct answerThe difference between the interests received from two different banks on Rs.500 for 2 years is Rs.25. Find the difference between rates?
Solution
To solve this problem, we need to use the formula for simple interest which is I = PRT/100, where I is the interest, P is the principal amount, R is the rate of interest, and T is the time in years.
Given that the difference in interest received from two different banks on Rs.500 for 2 years is Rs.25, we can set up the equation as follows:
500R12/100 - 500R22/100 = 25
Simplify the equation to:
R1 - R2 = (25 * 100) / (500 * 2)
R1 - R2 = 2.5
So, the difference between the two rates of interest is 2.5%.
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