16. At a simple interest a sum becomes7/5 in 5 years. The rate of interest is
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Answer:
10%
Step-by-step explanation:
Let say Sum = 5X
Sum becomes 7/5 of itself = (7/5)4X = 7X
Simple interest = 7X - 5X = 2X
Simple interest = P * R * T /100
2X = 5X * R * 5 /100
=> 2 = R/5
=> R = 10%
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