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Question 53
A sum of ₹2000 is invested on simple interest for three years at the rate of 10% per annum,then the amount will be:
Solution
Simple Interest (SI) is given as = $$\frac{PRT}{100}$$, where P is Principle amount, R is Rate of Interest,T is Time period
Here, P = 2000, R = 10 % So, SI =$$\frac{(2000)(10)(3)}{100}$$ = 600
Hence the total amount will be SI + P = 2000 + 600 = 2600.
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