A money-lender has been lending routinely at a compound rate of interest of 20% per annum.
and he lends for a fixed period of two years. The govemment bans charging of
compound rate of interest. What annual simple rate of interest he must charge so tfrut
total interest earning on a loan to be given by him remains unchanged?
(A\ 21%(B) 22% (C) 23 % (D) 24 %
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Answer:
b) 22% is correct answer
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