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Question 68
Raman paid ₹13,300 as simple interest after 9 years. He had borrowed some money at the rate of 6% for first two years, same money at 9% for next three years and at 14% for rest of the period. How much money(in ₹) did he borrow?
Solution
We know I=PTR/100
let the money borrowed be 'x'
then for first two years it is 6% so interest=0.12x
for next 3 years it is 9% so interest=0.27x
for next four years it is 14% so interest =0.56x
Total interest=0.12x+0.27x+0.56
=0.95x
therefore 0.95x=13300
x=13300/0.95
x=14000
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