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Question 59
A sum of ₹ 4200 becomes ₹ 5082 in 3 years rate simple interest. What is the rate of interest per annum?
Solution
Let the rate of interest be R%.
Simple Interest = Rs.5082 - Rs.4200 = Rs.882
$$\dfrac{4200\times R\times3}{100} = 882$$
=> 3R = 21 => R = 7
Therefore, Rate of interest = 7%
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