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Q.
A certain sum of money amounts to Rs 1008 in 2 years and to Rs 1164 in 3 ½ years. Find the sum and the rate of interest.
A.
800, 14%
B.
800, 13%
C.
800, 12%
D.
800, 19%
View Answer
Correct choice: B
Explanation:
S.I. for 1 ½ years = Rs (1164 - 1008) = Rs 156 . S.I. for 2 years = Rs (156 x 2/3 x 2)= Rs 208. Therefore, Principal = Rs (1008 - 208) = Rs 800. Now, P = 800, T= 2 and S.I. = 208. Therefore, Rate = (100 x S.I.) / (P x T) = [ (100 x 208)/(800 x 2)]% = 13%
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