A moneylender gave ₹ 400 at 5% simple annual rate of interest to A and ₹800 at double the above rate of interest to B. After how many years his amount is 5/4 times the whole sum?
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ANSWER - 5%
Step-by-step explanation:
Given:
P1 = Rs.800
P2 = Rs.400
Time = 2 years
Difference in S.I. = Rs.40
Formula used:
S.I. = (PRT)/100
Calculation:
(P1RT)/100 - (P2RT)/100 = 40
⇒ RT(800 - 400) = 4000
⇒ R = 4000/800
⇒ R = 5%
∴ The rate of simple interest is 5%.
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