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Asked in PPSC, FPSC and other one-paper exams (compiled from unofficial resources).

Financial MathematicsSimple and Compound Interest

A sum of Rs. 12,500 amounts to Rs. 15,500 in 4 years at the rate of simple interest. What is the rate of interest?

A.$5\%$
B.$6\%$Correct answer
C.$7\%$
D.$8\%$

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Quick fact: The rate of simple interest is $6\%$ per annum.

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