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The difference between the interest received from two different bank on Rs. 500 for 2 year is Rs. 2.50. The difference between their rates is ?
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- 1%
- 0.5%
- 2.5%
- 0.25%
Correct Option: D
Let the rates be R1% and R2%.
Then, (500 x R1 x 2)/ 100 - (500 x R2 x 2)/ 100 = 2.5
⇒ 10(R1 - R2) = 2.5
∴ Req difference = R1 - R2 = 0.25%
