5. Find the rate of simple interest if
(i) the interest on 4000 for 3 years is 300 .
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Answer:
10%
Step-by-step explanation:
Given:
P1 = 5000, R1 = 12%, Time = 2 years
P2 = 4000, R2 = x%, Time = 3 years
Formula used:
Simple interest = (principal amount × rate of interest × time)/100
Calculation:
Simple interest is same
(P2 × R2 × T2)/100 = (P1 × R1 × T1)/100
⇒ (4000 × 3 × X)/100 = (5000 × 12 × 2)/100
⇒ X = (5000 × 12 × 2)/4000 × 3
⇒ X = 10%
∴The rate of 10% per annum
credit- textbook
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