On a certain sum of money, the simple interest for 2 years is Rs. 660 and the compound interest for the same period is Rs. 696.30. If the rate of interest is same in both the cases, then find the rate of interest.

11%

Difference between Ci and SI for 2 years = 696.30- 660 = 36.30

SI for 1 year = 660/2 = 330

So, In case of 2 years . This 36.30 is interest on SI of 1st year i.e. 330

SI = PRT/100

36.30 = (330×R ×1)/100

R = 11%

The correct answer is Option (4) → 11%