Find the rate of interest for the following? Principal = rs 1000, interest=rs 210, time = 3 1/2 years
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Answer:
principal = rs 1000
Interest =rs 210
time = 3 1/2 =7/2
Rate of interest = s.i×100/P×T
= 210×1000×100/7/2
= 210/1000×100×2/7
=6 percent
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