A sum of rs 25000 becomes rs.27250 at the end of 3 years when calculated at simple interest. Find the rate of interest
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Mathematical formula to calculate the percentage of simple interest is :
R = 100 × I /PT [ R= rate of the interest , P = principal amount , T = Time]
And according to the data mentioned in the question :
R = 100 × 2250 / 25000 × 3
R = 15
So, the percentage of that simple interest is 15% (answer)
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