Find Out the Rate of Interest
Answer: (2) 15 %
Simple Interest & compound Interest in first year are equal
Simple Interest for every year will be same.
Simple Interest of two years = Rs.120
Then, the simple interest of one year = 120/2
Therefore, the compound interest of first year = Rs.60
The difference between simple interest and compound interest for second year = 129 – 120
Therefore, Rs.9 is percent of 60 = 9 x 100/60
= 15 %
Then, the rate of interest is 15 %.
Hence, the answer is (2) 15 %.