A sum of money lent out at simple interest amount to Rs 720 after 2 years and Rs 1020 after a further period of 5 years. Find the rate percent .
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Interest = Amount after 7 years - amount after 2 years
= 1020 - 720
= 300
We have interest in 5 years = 300
Interest in 1 year = 300/5 = 60
Interest in 2 years = 120
So Principal = amount - interest = 720 - 120 = 600
SI = PxRxT / 100
120 = 600.R.2/100
R = 120/12
R = 10%
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