At what annual rate of interest will a sum of money amount to 17/16 of itself in 2 years and 6 months?
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Answer:
R = 2.5 %
Step-by-step explanation:
Since we have given that
Let P be the principal .
Amount = 17 / 16p
Simple interest = p-17/16p p=1/16p
Time = 2 years and 6 months = 2 1/2 = 5/2
So, it becomes,
S.I = PxRxT / 100
1/16p = PxRx5 / 200
40/16 = R
R = 2.5 %
Hence, Rate of interest is 2.5%.
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