A sum of money amounts to rs 9800 after 5 years and rs 12005 after 8 years at the same
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Answer:12%
Step-by-step explanation:
A sum of money amounts to 9800 after 5 years and 12005 after 8 years at the same rate of simple interest.
Interest for 3 years = 12005-9800= 2205
Interest for 1 year = 2205/3 = Rs. 735
Int for 5 yrs = Rs. 3675
Principal = 9800-3675 = Rs. 6125
Rate of interest = 735*100/6125 = 12 %
Hope it helps you..
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