A person lends Rs. 1540 for five years and Rs. 1800 for four years. If he gets Rs. 1788 as interest on both amounts, what is the rate of interest ?

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Accepted Answer

Let the interest rate be r% We know that, S.I = PTR/100 => (1540 x 5 x r)/100 + (1800 x 4 x r)/100 = 1788 => r = 178800/14900 = 12%

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