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Question 48
Seema invested an amount of Rs. 16,000 for two years on compound interest and received an amount of Rs. 17,640 on maturity. What is the rate of interest ?
Solution
Amount (A) = (P) Principal * [1 - r/100]^n
17640 = 16000 * [1-r/100]^2
On solving, we get r = 0.05 = 5 %
Rate of interest = 5% per annum
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