Question 141
At what rate of simple interest will Rs.4,200 amount to Rs. 6,216 in a span of 8 years ?
Solution
Interest = 6216 - 4200 = Rs. 2016
=> Rate = $$\frac{S.I. \times 100}{P \times T}$$
= $$\frac{2016 \times 100}{4200 \times 8}$$
= 6%
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