A broker lends Rs. 2800 at simple interest to a person. At the rate of x% for the 1st year, (x+2)%for the 2nd year, (x+4)% for the 3rd year and so on. At the end of 5 year person pays Rs. 4480 to the broker and clear his dues. Find the value of x.
Answer & explanation
Correct answer: option 3
Total interest earned = 4480-2800 = 1680
Now ATQ,
2800 × \(\frac{ ( x+x+2+x+4+x+6+x+8) }{100}\)% = 1680
X = 8%