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Time Value of Money

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Question : 4 of 99

Marks: +1, -0

The rate of interest on a sum of money is 8% p.a. for the first year, 6% p.a. for the next 4 years and 4% p.a. for the period beyond 5 years. If the simple interest accursed by the sum for a total period of 11 years is ₹1120 what is the sum?

₹2000
₹3000
₹4000
₹5000

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