The difference between the simple interest received from two different sources on ₹1100 for 2 years is ₹22. The difference between their rates of interest is :
Answer & explanation
Correct answer: option 2
S.I. = \(\frac{P × R × T }{100}\)
⇒ S.I.2 - S.I.1 = 22, (principal is same)
⇒ \(\frac{P × R_2 × 2 }{100} - \frac{P × R_1 × 2 }{100}\)= 22
⇒ \(\frac{1100}{100}\) × 2 (R2 - R1) = 22
⇒ (R2 - R1) = \(\frac{22 × 100 }{1100 × 2}\)
⇒ (R2 - R1) = 1%