At what rate of interest will Rs.4140 give the simple interest Rs.621 in 5 years?
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Answer:
Principal,P = Rs. 66,000
Time,T = 2 years
S.I. = 72,720 - 66,000 = Rs. 6,720
Rate,R = ?
S.I. = P×R×T/100
R = 621×100/4140×2
Rate= 7.5% per annum
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