Question
A sum of money amounts to ₹13,200 after 3 years at a
certain simple interest rate. If the principal was ₹10,000, what was the rate of interest per annum?Solution
Simple Interest = Amount - Principal = 13,200 - 10,000 = 3,200 SI = Principal * Rate * Time / 100 3,200 = 10,000 * Rate * 3 / 100 Rate = (3,200 * 100) / (10,000 * 3) = 10.67%
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