The difference between compound interest, compounded annually and simple interest at the same rate of interest R% per annum on an amount of ₹20,000 for 2 years is ₹162. What is the value of R?
9
Compound interest for 2 years = P[(1 + R/100)² - 1] and Simple interest for 2 years = P × 2R/100.
Difference (for 2 years) = P(R/100)² = 20000 × (R/100)² = 162 ⟹ (R/100)² = 162/20000 = 0.0081 ⟹ R/100 = 0.09 ⟹ R = 9.
Hence, this is the correct answer.
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