On a sum of money, the simple interest for 2 years is Rs. 324, while the compound interest is Rs. 340, the rate of interest being the same in both the cases. The rate of interest is
Choose the correct option
A) 15%  B) 14.25%  C) 9.87%  D) 10.5%  E) 11.5%
The difference between compound interest and simple interest on Rs. P for 2 years at R% per annum   = (R Ã— SI)/(2 Ã— 100)   Difference between the compound interest and simple interest = 340 - 324= 
<gadget id="calculator">340 - 324</gadget>
<output>16</output>
16   (R Ã— SI)/(2 Ã— 100)= 16   (R Ã— 324)/(2 Ã— 100) = 16   R = 9.87%   Answer: Option 9.87%
<result>C</result>
On a sum of money, the simple interest for 2 years is Rs. 324, while the compound interest is Rs. 340, the rate of interest being the same in both the cases. The rate of interest is