₹15000 is deposited at simple interest. If the amount after 8 year is ₹25800 find the rate of interest
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Step-by-step explanation:
Principle (P)= ₹15000
Time (T)= 8 years
Amount = ₹25800
Amount = Principle + Total interest
25800 = 15000 + I
I = 25800-15000
= 10800
S.I =( P × R × T ) (Let the rate of interest be 'r')
10800 = (15000×r×8)/100
10800 = 1200r
r = 10800/1200
= 9 %
Hence, The rate of interest is 9%.
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