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Shamma lends Rs.40,000 to two of her friends. She gives Rs.24,000 to the first at 8% p.a. simple interest. Shamma wants to make a profit of 10% on the whole. The simple interest rate at which she should lend the remaining sum of money to the second friend is:

Correct Answer: 13%

Explanation:

The ratio of money she lended is


24000 : 16000 = 3 : 2


Let the rate of interest be R%


 


8%                   R%
     


           10


 


3          :           2


 


R = 13%.


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