Q: 144 (IAS/2010)The difference between the simple interest received from two banks on Rs. 500 for two years is Rs. 2-50. What is the difference between their rates ?0.25% 0.5%1%2.5%01001265253481990-20002001-20102011-2022rates simple interest banks differenceKeyword HeatmapAnyChart Trial Versionquestion_subject: Mathsquestion_exam: IASstats: 0,7,12,7,10,0,2keywords: {'rates': [0, 0, 1, 0], 'simple interest': [0, 0, 1, 2], 'banks': [5, 6, 5, 25], 'difference': [1, 3, 4, 8]} Explanation Let the rates of interest offered by the two banks be R1% and R2% respectively. Then, (500 * R1 * 2)/100 - (500 * R2 * 2)/100 = 250 10R1 - 10R2 = 250 R1 - R2 = 25 The difference between their rates is 25/100 = 0.25% Hence, the correct answer is option (a) 0.25%. Please login to bookmark this question