a sum of money amount to ₹ 9800 after 5 years and ₹ 12,005 after 8 years at the same rate of simple interest . what will be the rate of interest.
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interest in last 3 years = 12005 - 9800 = 2205
interest of 1 year = 2205/3 = 735
interest of first 5 years = 735*5 = 3675
principal = 9800-3675 = 6125
Rate = 735*100/6125 = 12%
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