A person borrows 1000000 for 7 years at 3% p.a. simple interest. He immediately lends it to another person at 5 % p.a. for 7 years. Find his gain in the transaction per year.
Choose the correct choice from the following options
A) 20068 B) 20050 C) 20000 D) 25000 E) 28000
Gain in 7 years   = [(1000000Ã—5Ã—7/100)âˆ’(1000000Ã—7Ã—3/100)]   = (350000 â€“ 210000) = 140000   âˆ´ Gain in 1 year = (140000/7)= 
<gadget id="calculator">(140000/7)</gadget>
<output>20_000</output>
20000   Answer 20000
<result>C</result>
A person borrows 1000000 for 7 years at 3% p.a. simple interest. He immediately lends it to another person at 5 % p.a. for 7 years. Find his gain in the transaction per year.