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A person invested Rs. 12,000 on simple i...

A person invested Rs. 12,000 on simple interest for 7 years to obtain a total amount of Rs. 20,400 on a certain annual rate of interest. What was the rate of interest to obtain the above amount?

A

0.08

B

0.09

C

0.1

D

0.07

Text Solution

Verified by Experts

The correct Answer is:
C
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