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A sum of money lent out at simple interest amounts to rupees 840 in 3 years and to rupees 1200 in 8 years. Find the rate of interest
  • a)
    11.8/13%
  • b)
    11.7/13%
  • c)
    12.8/13%
  • d)
    12.7/13%
  • e)
    None of these
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
A sum of money lent out at simple interest amounts to rupees 840 in 3 ...
Answer – b) 11.7/13% Explanation : 1200 = p + p*(r/100)*8 840 = p + p*(r/100)*3 Solve both equations to get r
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Most Upvoted Answer
A sum of money lent out at simple interest amounts to rupees 840 in 3 ...
To find the rate of interest, we can use the formula for simple interest:

Simple Interest (SI) = (Principal) × (Rate) × (Time)

Given that the sum of money lent out amounts to Rs 840 in 3 years and Rs 1200 in 8 years, we can set up two equations:

840 = (Principal) × (Rate) × 3 ...(1)
1200 = (Principal) × (Rate) × 8 ...(2)

We can solve these equations to find the rate of interest.

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