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Suresh lent out a sum of money to Rakesh...

Suresh lent out a sum of money to Rakesh for 5 years at simple interest. At the end of 5 years, Rakesh paid 9/8 of the sum to Suresh to clear out the amount. Find the rate of simple interest per annum.

A

3.5% P.a

B

2.5% P.a

C

3% P.a

D

2% P.a

Text Solution

Verified by Experts

The correct Answer is:
B
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