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The State Bank of India lends a certain amount of money to Mohan at simple interest at the rate of 3% p.a. Mohan again lends the same amount to another person at the rate of 6% p.a. compounded half-yearly. If he gets a profit of ₹618, then find the sum borrowed by Mohan.

1. 25000
2. 20000
3. 30000
4. 15000

Correct answer: 20000

Solution

Mohan pays simple interest at 3% p.a. on the borrowed sum. He earns compound interest at 6% p.a., compounded half-yearly, on the same sum. The difference between earned interest and paid interest is ₹618, which gives the principal as ₹20,000.

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