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The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

/ Compound Interest, Mathematics Mcqs / By
The difference between compound interest and simple interest on an amount of Rs. 15,000 for 2 years is Rs. 96. What is the rate of interest per annum?

A. 8
B. 10
C. 12
D. Cannot be determined