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A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?
Answer & Solution
Correct Answer:
Option
D
$$\eqalign{
& {\text{S}}{\text{.I}}{\text{.}} = Rs.\,\left( {15500 - 12500} \right) \cr
& \,\,\,\,\,\,\,\,\,\, = Rs.\,3000 \cr
& {\text{Rate}} = \left( {\frac{{100 \times 3000}}{{12500 \times 4}}} \right)\% \cr
& \,\,\,\,\,\,\,\,\,\,\,\,\,\, = 6\% \cr} $$
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