If the compound interest earned on a certain sum for 2 years is twice the amount of simple interest for 2 years, then the rate of interest per annum is _______ percent
If the compound interest earned on a certain sum for 2 years is twice the amount of simple interest for 2 years, then the rate of interest per annum is _______ percent
Solution
✅ Correct Option: 1
Understand the following table (interest earned for each year is present).
For the first year, the SI and CI is the same. Let's take it to be .
For the second year, SI remains the same.
However, in the case of CI, we have to calculate the interest on the first year's interest too!
