A sum of ₹ 3460 is lent at simple interest. If the rate of interest is 5% per annum,then what will be the simple interest for 5 years?
Given, Principal = Rs.3460
Rate of interest = 5% per annum
Time period = 5 years
Then, Simple Interest for 1 year = 5% of 3460 = Rs.173
Simple Interest for 5 years = 5*173 = Rs.865
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