A money lender claims to lend money at the rate of 10% per annum simple interest

Question

A money lender claims to lend money at the rate of 10% per annum simple interest. However, he takes the interest in advance when he lends a sum for one year. At what interest rate does he lend the money actually ?

Options:

A . 10%

B . $$10\frac{1}{9}$$ %

C . 11%

D . $$11\frac{1}{9}$$ %

Answer: Option D

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