At what rate of interest per annum will a sum of 8,000 amount to 9,260 in 3/1/2 years?
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Answered by
8
Answer:
S I = P * T * R
100
Amount = P + SI
P = Principal
R = Rate of interest
T = Time
SI = Simple interest
Given , P = 8600
A = 9260
SI = A - P
9260 - 8600 = 660
Now
S I = P * T * R
100
Let Rate of interest = x
660 = 8600 * 3 1/2 * X
100
660 * 100 *2 = x
8600 * 7
Rate of interest x = 2.2 %
Answered by
2
Step-by-step explanation:
the correct answer is 2.2 persent
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