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At a certain rate of interest the compound interest of 3 years and simple interest of 5 years for certain sum of money is respectively Rs. 1513.2 and Rs. 2400. Find the common rate of interest per annum ?

Correct Answer: 5%

Explanation:

Given compound interest for 3 years = Rs. 1513.2


 


and simple interest for 5 years = Rs. 2400


 


Now, we know that  C.I =  P 1 + R 100 n   -   1


 


=> 1513.2 =  P 1 + R 100 3   -   1  ...........(A)


 


And S.I = PTR/100


 


=> 2400 = P5R/100 ..................(B)


 


By solving (A) & (B), we get


 


R = 5%.


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