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Recurring Deposit Account

A sum of Rs. ...

Question

A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years on simple interest. What is the rate of interest on the sum?

A

5%

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B

4%

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C

6%

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D

2%

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Solution

The correct option is C
6%

S.I. = Rs. (15500 - 12500) = Rs. 3000

$∴$ Rate = $\frac{100 \times 3000}{12500 \times 4}$ % = 6%

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