MCQs>General Knowledge & Aptitude>Conversion Calculations>Mark invested $5600 in a simple interest scheme for 4 years and 6 months. He lends the money thus obtained to Sam at the rate of 5% (compound interest) for 1 year. The interest is calculated half yearly and the duration of the loan is 1 year. If the amount obtained after one year is $8535.56, then what is the approximate rate of simple interest?
Conversion Calculations MCQs
Mark invested $5600 in a simple interest scheme for 4 years and 6 months. He lends the money thus obtained to Sam at the rate of 5% (compound interest) for 1 year. The interest is calculated half yearly and the duration of the loan is 1 year. If the amount obtained after one year is $8535.56, then what is the approximate rate of simple interest?
Answer
Correct Answer: 8.5%
Explanation:
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