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Discussion :: Simple Interest

  1. An amount of Rs. 3000 becomes Rs. 3600 in four years at simple interest. If the rate of interest was 1% more, then what was be the total amount?
    2. A.
    Rs. 3800
    B.
    Rs. 3780
    C.
    Rs. 3720
    D.
    Cannot be determined
    E.
    None of these

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    Answer : Option C

    Explanation :

    A = P(1 + TR/100)

    => 3600 = 3000[1 + (4 * R)/100] => R = 5%

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