Multiple Choice Questions on Vivek invests Rs 15000 as fixed deposit at a bank at the rate of 10 per annum SI But due to some pre........... for Mathematics - All Exams Preparation

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Multiple Choice Questions

Vivek invests Rs 15000 as fixed deposit at a bank at the rate of 10 per annum SI But due to some pre...........

Quantitative Aptitude ( CCS) Simple Interest
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    Vivek invests Rs 15000 as fixed deposit at a bank at the rate of 10% per annum SI. But due to some pressing needs he has to withdraw the entire money after 5 years, for which the bank allowed him a lower rate of interest. If he gets Rs 8250 less than what he would have got at the end of 10 years, the rate of interest allowed by the bank is

    8%

    Incorrect Answer

    8.5%

    Incorrect Answer

    9%

    Correct Answer

    9.5%

    Incorrect Answer
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    Explanation:

    P=15000, T1=10 years, T2=5 years, R1=10%, R2=?
    [(15000*10*10)/100 – (15000*R2*5)/100] = 8250
    15000 – 750R2 = 8250
    R2 = 9%

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