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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Answer:
Rate of Interest=3%
Step-by-step explanation:
Given Sum i.e,Principal(P)=25000
Amount(A)=27250
Time Period(T)=3yr
we know that,
Simple Interest I=PTR/100
where R=Rate of Interest,Hence
A=P+I
27250=25000+[25000×3×R/100]
27250-25000=750×R
2250=750×R
R=3
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