at what rate per cent per annum simple interest will rs 66000 amount to rs 72720 in 2 years?
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Given
Initial principal balance, P = Rs. 66000
Final amount, A = Rs. 72720
Time, t = 2 years
We have to find the rate
Let the rate be r per annum
We will use the formula of simple interest, to calculate the rate
A = P ( 1 + rt )
72720 = 66000 ( 1 + 2r )
1.101 = 1 + 2r
0.101 = 2r
r = 0.0509
rate % = 0.0509 × 100
= 5.09 %
Hence, the rate will be 5.09% per annum.
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