A Farmer borrowed 2400 at 12% interest per annum. At the wnd of three years he repaid 1200 and a cow for the balance amount.Find the cost of the cow
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Principal = Rs. 2400
Rate of Interest = 12% p.a.
Time = 3 years
Simple Interest = ( 2400 x 12 x 3 ) / 100
= Rs. 864
Amount = Rs. 2400 + Rs. 864
= Rs. 3264
Amount repaid by the farmer = 1200
Cost of the cow = Rs. 2064 ( Ans )
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