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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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