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According to a new plan rolled out by HISP Bank, the rate of simple interest on the sum of money is 8% pa for the first two years, 10% pa for the next three years and 6% pa for the period beyond the first five years. The simple interest accrued on a sum for a period of eight years is Rs. 12,800. Find the sum
16000
15000
13500
None of these
total rate of interest = (2 × 8 + 3 × 10 + 3 × 6)% = (16 + 30 + 18)% = 64% Let the sum be x, then ∴ 64% of x = 12800 X = 12800 × 100 /64 = 20000/-
By: Amit Kumar ProfileResourcesReport error
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