Question 62

Rs.800 become Rs.956 in 3 years at a certain rate of Simple Interest. What is the rate?

Solution

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$$ SI = \frac{PNR}{100} $$

P = 800

Amount = 956

SI = 956 - 800 = 156

R = ?

substituting

$$ 156 = \frac{800 \times 3 \times R}{100} $$

solving R = 6.5%

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