At what rate will 6250 amount to 7000 in 4 years?
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P = 6250
A = 7000
T = 4years
SI = A - P = 7000 - 6250 = 750
T = SI ×100/P × T
= 750 ×100/6250 × 4
= 750 × 25/6250
= 750/250 = 3%
Rate = 3%
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