a man lends ₹16950 and receives ₹847.50 as interest in 5 months. calculate the rate of interest.
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Answer:
12%
Step-by-step explanation:
P=Rs 16950
I= Rs 847.50
Time = 5 months= 5/12 years
Rate= SIx100/PxT
= 84750x100x12/5x16950x100= 12
∴ The rate of interest is 12%
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