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Question
A person borrows 10000 for 2 years at 4% p a simple interest he immediately lends it to another person at 6.5 % p. a. for 2 years. Find his total gain in the transaction.
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Solution
A person borrows money at 4% per annum and lends it at 6.5% per annum.
∴ His gain is (6.5 – 4) = 2.5% on ₹ 10000 for 2 years
i.e. gain = `(1000 xx 2.5 xx 2)/100`
= 100 × 5
= ₹ 500
∴ The person will gain ₹ 500 in this transaction.
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