The difference between the simple interest received from

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The difference between the simple interest received from two different banks on ₹500 for 2 years is ₹2.50. The difference between their (per annum) rate of interest is :

1. 0.10%
2. 0.25%
3. 0.50%
4. 1.00%

Correct Option: B

Here , The difference between the simple interest = ₹2.50
From the question ,

500 × 2 × R₁	-	500 × 2 × R₂	= 2.5
100		100

where R₁ & R₂ are rate% of both banks
⇒ 10 (R₁ – R₂) = 2.5
⇒ R1 – R2 = 2.5 ÷ 10 = 0.25 % per annum
Second method to solve this question :
Here, P = Rs. 500 , y = Rs. 2.50, Difference in time = 2 years , Difference in rate = ?

500 =	2.50 × 100
	(diff in rate) × 2

Different in rate = 0.25%