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    Question

    A man puts Rs. 3,000 in a scheme and gets a simple interest

    of Rs. 540 in 2 years and 4 months. What is the rate of interest per annum?
    A 7.71% Correct Answer Incorrect Answer
    B 21% Correct Answer Incorrect Answer
    C 10.29% Correct Answer Incorrect Answer
    D 18% Correct Answer Incorrect Answer

    Solution

    ATQ,

    Let the rate of interest = ‘y%’ p.a.

    2 years and 4 months = 2 × 12 + 4 = 28 months

    We have,

    [3000 × y × (28/12)] ÷ 100 = 540

    ⇒ 70y = 540

    ⇒ y = 540 ÷ 70 = 7.71

    So, rate of interest = 7.71%

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