On a sum of money ,the simple interest for 2 years is Rs. 660,while the compound interest is Rs. 696.30,the rate of interest being the same in both the cases.The rate of interest is :
Options:
A) 10%
B) 10.5%
C) 12%
D) None of these
E) Cannot be determined
Solution   Difference in C.I. and S.I. for 2 years = Rs.(696.30 - 660)= Rs. 36.30.   S.I. for one year = Rs. 330.   ∴ S.I. on Rs. 330 for 1 year = Rs. 36.30.   ∴ Rate (100x36.30/330x1)% = 11%. Answer None of these
<result>D</result>
On a sum of money ,the simple interest for 2 years is Rs. 660,while the compound interest is Rs. 696.30,the rate of interest being the same in both the cases.The rate of interest is :