a sum of money become 8/5 of it self in 5 years at a certain rate of simple interest. find the rate of simple interest
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Let the Principle be x
Then amount =8/5x
Interest=8/5x-x
=3x/5
SI=PRT/100
3x/5=x×R×5/100
R=3x×100/5×5x
R=12%
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