A person inveered $15,000 in a bank.
After 2 years, he invested$8000 more.
At the end of 5 years, he recieved $7920 as interest What is the rate of
interest ?
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Answer:
Step-by-step explanation:
A person inveered in a bank =$15000
After 2 years he invested =$8000
So total invested=$(15000+8000)=$23000
S. I=$7920
Time 2+1 years=3years
S. I=P*R*T/100
So7920=23000*R*3/100
23000*R*3=7920*100
R=7920*100/23000*3=$103
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