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Sum Rs. 20000 and Rs. 40000 are given on simple interest at the rate of 10% and 15% per annum respectively for three years. What will be the total simple interest?
Answer & Solution
Correct Answer:
Option
C
Simple interest on 20000 for 3 years at 10% rate
$${\text{SI}} = \frac{{20000 \times 3 \times 10}}{{100}} = 6000$$
Simple interest on 40000 for 3 years at 15% rate
$${\text{SI}} = \frac{{40000 \times 3 \times 15}}{{100}} = 18000$$
Total interest = 6000 + 18000 = 24000
$${\text{SI}} = \frac{{20000 \times 3 \times 10}}{{100}} = 6000$$
Simple interest on 40000 for 3 years at 15% rate
$${\text{SI}} = \frac{{40000 \times 3 \times 15}}{{100}} = 18000$$
Total interest = 6000 + 18000 = 24000
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