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Question 159
58,750 amounts to Rs 7,79,900 in four years at simple interest. What is the rate of interest paid?
Solution
Let the rate of interest be R % per annum
Principal Amount = Rs 58750
Total Amount in 4 years = Rs 79900
Simple interest paid = 79900 - 58750 = Rs 21150
SI = (P x R x T )/ 100
21150 = $$\frac{58750 \times R \times 4}{100}$$
R = 9 % per annum
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