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The underworld don Chhota Pappu loans money to people at simple intere

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Senior Manager
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D
Joined: 29 Nov 2018
Posts: 264
Concentration: Marketing, Strategy
The underworld don Chhota Pappu loans money to people at simple intere  [#permalink]

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New post 17 Jul 2019, 04:09
00:00
A
B
C
D
E

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Question Stats:

100% (03:58) correct 0% (00:00) wrong based on 1 sessions

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The underworld don loans money to people at simple interest. He charges a certain rate of interest for the first year. Next year he doubles the initial rate of interest on the amount. Third year he triples the initial rate of interest and so on… A man took an amount of Rs. 9000 and after 3 yrs paid back an amount of Rs. 15000 back. What was the rate of interest in the first year?

1. 9%
2. 9.09%
3. 10%
4. 11.11%
5. 12.5%
Manager
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Joined: 25 Jul 2018
Posts: 198
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Re: The underworld don Chhota Pappu loans money to people at simple intere  [#permalink]

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New post 17 Jul 2019, 04:22
1
Let’s say that
the first year’s interest rate was a%,
the second year’s was 2a%,
The third year’s was 3a%.

After 3 years the man had to pay back 6000 for these interest rates.

9000(a/100+2a/100+3a/100)=6000
9000(6a/100)=6000
a=100/9=11,11

The answer choice is D.

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Re: The underworld don Chhota Pappu loans money to people at simple intere   [#permalink] 17 Jul 2019, 04:22
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The underworld don Chhota Pappu loans money to people at simple intere

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