Question 10

The amount of simple interest accrued on an amount of Rs 28,500 in seven years is Rs 23,940 What is the rate of interest p.c.p.a ?

Solution

Simple Interest = S.I= $$\frac{n \times p \times r}{100 }$$

Given, S.I = 23940 , p = 28500 , n = 7

thus, r = $$\frac{23940 \times 100}{7 \times 28500}$$ = 12

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