ICICI lent Rs. 1 lakh to captain Ram Singh at 6% per annum of simple interest for 10 years period. Meanwhile ICICI offered a discount in rate of interest for armed forces. Thus the rate of interest ICICI decreased to 4%. In this way Ram Singh had to pay total amount 1.48 lakh. After how many year Ram Singh got the discount in rate of interest?
A. 3 years
B. 4 years
C. 6 years
D. 5 years
Solution(By Examveda Team)
Interest paid by Ram Singh = 148000 - 100000 = Rs. 48000.
Let discount was given after x years.
So,
48000 = (100000/100) * {6x + 4*(10-x)}
On Solving,
x = 4 years.
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