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Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.
A 20%
в 12.50%
c 10%
D 36%?
Most Upvoted Answer
Varun deposited a sum of Rs. 12000 in a bank paying simple interest. A...
Given:
Principal amount (P) = Rs. 12000
Amount withdrawn after 1 year = Rs. 3000
Amount received after 3 years = Rs. 15000

Calculating Interest:
Let the rate of interest be 'r' per annum.
Interest after 1 year = P*r*1 = 12000*r
Remaining amount after withdrawal = 12000 - 3000 = Rs. 9000
Amount after 3 years = 9000 + Interest for 2 more years = 9000 + (9000*r*2) = 9000 + 18000r

Using the given information:
9000 + 18000r = 15000
18000r = 6000
r = 6000/18000
r = 1/3 = 0.3333

Converting rate to percentage:
Rate of interest = 0.3333 * 100 = 33.33%
Therefore, the rate of interest is 33.33%, which is closest to option D - 36%.
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Varun deposited a sum of Rs. 12000 in a bank paying simple interest. After one year, he withdraws Rs. 3000. At the end of 3 years, he received Rs. 15000. Find the rate of interest, assuming that he never collected his interest till then.A 20%в 12.50%c 10%D 36%?
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