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A person borrowed a certain sum of money i.e. Rs 3000 from his friends at different rate of interest in different years i.e. 10% for 1st year and x% for 2nd year. If he would pay Rs 750 as an interest after 2 years, then find the value of x?


1. 15%
2. 20%
3. 30%
4. 18%

1 Answer

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Best answer
Correct Answer - Option 1 : 15%

Given

Principal = Rs 3000 

Interest after 2 year = Rs 750 

Formula Used 

Simple Interest = (Principal × Rate × Time)/100

Calculation

⇒ Total interest = interest in 1st year + interest in 2nd year

⇒ 750 = (3000 × 10 × 1/100) + (3000 × x × 1/100)

⇒ 750 = 300 + 30x 

⇒ x = 450/30 = 15% 

∴ The value of x is 15%

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