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Ramesh invests 1,200 at 5% simple interest. How much additional money must he invest at 8% simple interest so that his total annual income will be equal to 6% of his total investment during this year?
Ramesh invests 1,200 at 5% simple interest. How much additional money must he invest at 8% simple interest so that his total annual income will be equal to 6% of his total investment during this year?
Updated On: Nov 25, 2024
- 500
- 600
- 1200
- 1500
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The Correct Option is B
Solution and Explanation
The correct option is (B): 600
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