A man borrows rs.1500 for 4 years and rs.6000 for 2 years at the same rate of interest.If he has to pay an interest of rs.900 altogetger what is the rate of interest
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CI = P( 1 + RT/100)n
Where ,
CI = compound interest
R = 10
n = 3
⇒ 2662 = P ( 1 + 10/100)3
⇒ 2662 = P(11/10)3
⇒ 2662 = P(1331/1000)
⇒ 2662 × 1000/1331 = P
⇒ P = 2000
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