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Q: Read the given information and statements carefully and decide which option is True with respect to the statement. If a sum of money is lent at simple interest, then the: Statements: 1. Money gets doubled in 6 years if the rate of Interest is 16%. 2. Money gets doubled in 5 years if the rate of interest is 18%.
  • A. Both statements 1 and 2 are incorrect
  • B. Only statement 1 is correct
  • C. Only statement 2 is correct
  • D. Statement 1 and 2 are correct
Correct Answer: Option A -
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Explanations:

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