a man deposits RS900 per month in recurring account of 2 years if he gets 1800 as interest at the time of maturity, find rate of interest
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Given,
principal amount = 900
Interest = 1800
Time = 2 years
To Find,
Rate =?
A/q,
Simple interest = p × r × t/100
=> 1800 = 900 × r × 2/100
=> 1800 = 1800× r /100
=> 1800× 100 = 1800r
=> 1800 ×100/1800 = r
=> r = 100%
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