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    Question

    A certain amount of money, when

    invested at a simple interest rate of 'r%' per annum, grows to 6 times its original value in 24 years. Determine the value of 'r'.
    A 20 Correct Answer Incorrect Answer
    B 40 Correct Answer Incorrect Answer
    C 45 Correct Answer Incorrect Answer
    D 15 Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    According to the given conditions, Let the initial investment be Rs. p. The interest earned in 24 years = (6p – p) = Rs. 5p. Therefore, using the formula for simple interest = (p×r×24)/100=5p Solving for 'r': r = (5p×100)/(p×24) = 20 Hence, the value of 'r' = 20.

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