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Question

Abhishek allocates Rs.1600 each into two different investment schemes, A and
B. Scheme A provides simple interest annually at a rate of (R-2)%, while scheme B compounds annually at a rate of R%. At the end of two years, the interest accumulated from scheme B surpasses that from scheme A by Rs.80. Determine the rate R%.

A 12

B 10

C 8

D 7

E 5

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