Question

At what rate percent per annum will $400 yield an interest of $78 in 1 1/2 years?

Answer 1

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here,

P = 400
T = 11/2
S.I. = 78

Applying formula of SI

78 = (400×R×11)/(100×2)

78 = 22 R

R = 78/22

R = 3.54%


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Answer 2

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