Question
A sum becomes Rs 11,500 from Rs 10,000 in 3 years at simple interest. Find the rate of interest per annum.
Solution
SI = 11,500 − 10,000 = 1,500 Rate R = (SI × 100)/(P × T) = (1500 × 100)/(10000 × 3) = 150000/30000 = 5%
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