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      Question

      Mr. Mathur invested Rs. 40,000 with Bank A for 2 years

      and Rs. 10,000 with Bank B for 4 years at simple interest and earned Rs. 6,000 as interest. Find the interest rate p.a. if both the banks lend money at the same rate of interest.
      A 4% Correct Answer Incorrect Answer
      B 4.5% Correct Answer Incorrect Answer
      C 5% Correct Answer Incorrect Answer
      D 5.5% Correct Answer Incorrect Answer

      Solution

      Let the rate of interest r % per annum According to the question, (40000 × 2 ×r)/100 + (10000 × 4 × r)/100 = 6,000 ⟹ 800 r + 400 r = 6,000 ⟹ 1200r = 6,000 ⟹ R = 5% p.a.

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