A certain sum at compound interest becomes rupees 1200 in the first year and rupees 1296 in the second year. Find the rate of interest and the sun invested.
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1
Answer:
the rate of interest = ₹8 per month
the amount of money invested was ₹1104
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0
Answer:
Simple interest per year is 1200/2=600
Interest on 600 is 1290–1200=90
So interest rate is 600*R/100=90
R=90/6=15%
P*15/100=600
P=60000/15= Rs 4000
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