The ratio of difference between compound and simple interest in 2 years and 3 years is 11 : 35. Find the rate of interest p.a.
Answer & explanation
Correct answer: option 3
Here, Diff. for 2 years = 11R, and
Diff. for 3 years = 35R
Diff. of C.I and S.I. for 3rd year only = 35R - 11R = 23R
Now,
Rate of Interest = \(\frac{2}{11}\) × 100 = 18.18%