A person borrows 7000 for 3 years at 6% p.a. simple interest. He immediately lends it to another person at 31 % p.a. for 3 years. Find his gain in the transaction per year. Choices:
A) 1600	B) 1700	C) 1550	D) 1650	E) 1750
Gain in 3 years   = [(7000Ã—31Ã—3/100)âˆ’(7000Ã—6Ã—3/100)]   = (6510 â€“ 1260) = 5250.   âˆ´ Gain in 1 year = (5250â„3) = 1750   Answer 1750
<result>E</result>
A person borrows 7000 for 3 years at 6% p.a. simple interest. He immediately lends it to another person at 31 % p.a. for 3 years. Find his gain in the transaction per year.