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Q.

A sum of 12,500 amounts to 15,500 in 4 years at the rate of simple interest. What is the rate of interest?

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a

3%

b

6%

c

4%

d

5%

answer is D.

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Detailed Solution

Simple interest =15500-12500=₹3000  ⇒S.I.=(P×R×T)/100  ⇒3000=(12500×R×4)/100  ⇒R=3000/500 =6%

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