A bank pays ₹240 as interest for 2 years for a sum of ₹3000 deposited as savings.Find the rate of interest given by the bank.
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Answer:
4%
Step-by-step explanation:
S.I = 240
Principal = 3000
T = 2 years
Rate of Interest = SI*100/P*T
= (240 * 100)/(3000 * 2)
= (24000/6000)
= 4%
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