A certain sum of money amounts to 7/4 of itself in 3 years. the rate percent p.a. is
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Q. A certain sum of money amounts to 7/4 of itself in 6 years. What is the percent rate per annum?
Answer:-
Assuming simple interest is applied
P => principle
A => Amount
A = (7/4)P
Simple Interest = (3/4)P
Rate of simple interest = (3/4)P/(P*6)*100 = (1/8)*100 = 12.5%.
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