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A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?

3%
4%
5%
6%
None of these

Correct Answer: 6%

Explanation:

S.I. = Rs. (15500 - 12500) = Rs. 3000.

Rate =	❨	100 x 3000	❩%	= 6%
		12500 x 4

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