Question

at what rate percent per annum a sum of Rs 1200 will become 1516 in 5 years at simple interest
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Answer 1

Given,

Principal = 1200

Amount = 1516

Time = 5 years

SI = A - P

=> 1516-1200

=> 316

R = SI ×100 / P × T

=> 316×100/1200×5

=> 316/60

=> 5.26

Rate = 5.26%