Free Practice Question
PS · Problem Solving
705-805
percent
A bank lent $4000 to Jack at a certain rate of simple interest and $5000 to Kate at a rate which is 0.5% more than that of Jack. After two years, the bank received $860 as interest from both of them. Find the rate of interest per annum at which the amount was lent to Kate?
Answer Choices
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4.5%
B
4%
C
5.5%
D
5%
E
8%
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Explanation
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Difficulty
705-805
Type
PS
Category