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    Question

    Ravi lends Rs. 4800 to two of his friends. He gives

    Rs.2400 to the first at 15% p.a. simple interest. Ravi wants to make a profit of 20% on the whole. The simple interest rate at which he should lend the remaining sum of money to the second friend is
    A 25% Correct Answer Incorrect Answer
    B 12.5% Correct Answer Incorrect Answer
    C 37.5% Correct Answer Incorrect Answer
    D 6.25% Correct Answer Incorrect Answer
    E 18.75% Correct Answer Incorrect Answer

    Solution

    Let Ravi lend the sum at x% rate to the second friend.  According to the question,  15% × 2400 + x% of 2400 = 20% of 4800 ⇒  15 × 24 + 24x = 20 × 48 ⇒  24x = 960 – 360 ⇒  24x = 600  ⇒  x = 25  Hence, the required rate of interest is 25% p.a.

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