find the rate of interest per annum at which a sum of rupees 80000 will earn and interest of rupees 1600 in 2 years
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Explanation:
Given P = 80000
T = 2
SI = 1600
R = ?
Acc to formula.
SI = PRT/100
R = SI × 100/PT = 1600×100/80000×2
= 16/8×2 = 1
Hence R = 1%
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