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Compound Interest Practice Test 3
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© examsnet.com
Question : 11
Total: 40
A certain sum of money is lent at 12%, 6% and 15.5% p.a. for the first, second and third years respectively. Find at what rate does this amount give equal interest?
37.13%
26.67%
35%
24.14%
32.28%
Validate
Solution:
Let P = 100
Amount
=
100
(
1
+
12
100
)
(
1
+
6
100
)
(
1
+
15.5
100
)
=
100
×
112
100
×
106
100
×
115.5
100
= 137.12
Interest = Rs 37.12
So, at 37.13% p.a., interest will be the same.
© examsnet.com
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