Q: 150 (IAS/1995)

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A person earns Rs. 2000 per month over and above his salary as additional charge allowance. However, 30% of this additional income will be deducted as additional income-tax at source. If the person would deposit Rs. 1000 per month on a long-term saving fetching 12% interest his tax liability on the additional allowance would reduce to 10%. What is the effective interest for this person for money invested in the long-term savings scheme ?
question_subject: 
Maths
question_year: 
1995
question_exam: 
IAS
question_sub_subject: 
Mathematics
question_topic: 
Mathematics
stats: 
0,480,376,240,480,80,56