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Question 62
Rs.800 become Rs.956 in 3 years at a certain rate of Simple Interest. What is the rate?
Solution
$$ SI = \frac{PNR}{100} $$
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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