What is the rate of interest (in %) if simple | vedclass

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(A) Let the principal be $P$ and the rate of interest be $r \%$.Simple Interest $(SI)$ for any year is constant. Given $SI$ for the $3^{rd}$ year $= ₹

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$8$

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(A) Let the principal be $P$ and the rate of interest be $r \%$.Simple Interest $(SI)$ for any year is constant. Given $SI$ for the $3^{rd}$ year $= ₹ 2,000$,therefore $SI$ for the $1^{st}$ year $= ₹ 2,000$ and $SI$ for the $2^{nd}$ year $= ₹ 2,000$.Total $SI$ for $2$ years $= 2,000 + 2,000 = ₹ 4,000$.Compound Interest $(CI)$ for $2$ years $= ₹ 4,160$.The difference between $CI$ and $SI$ for $2$ years is the interest earned on the interest of the $1^{st}$ year.Difference $= 4,160 - 4,000 = ₹ 160$.This $₹ 160$ is the interest on the $1^{st}$ year's interest $(₹ 2,000)$.Rate of interest $r = \frac{	ext{Difference}}{SI 	ext{ of } 1^{st} 	ext{ year}} 	imes 100$.$r = \frac{160}{2000} 	imes 100 = 8 \%$.

What is the rate of interest (in $\%$) if simple interest earned on a certain sum for the $3^{rd}$ year is $₹ 2,000$ and compound interest earned in $2$ years is $₹ 4,160$?

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