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Question 54
The interest earned on ₹ 3,675 at the rate of 4% simple interest per annum for 2 years will be ?
Solution
Given, Principal = Rs.3675
Rate of interest = 4%
Time Period = 2 years
Simple Interest for 1 year = 4% of 3675 = Rs.147
Simple Interest for 2 years = 2*147 = Rs.294
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