Question
The rate of simple interest for which ₹12,000 will amount
to ₹14,400 in 5 years is:Solution
ATQ;
Simple interest = 14,400 - 12,000 = ₹2,400
Rate% = (2,400 × 100) / (12,000 × 5) = 240,000 / 60,000 = 4%
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