Find the rate of simple interest when Rs 800 amounts to Rs 930 in 5/2 years
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Answer:
Given: Principal=Rs.800,Amount=Rs.920,T=3years
Simple interest =920−800=120
∴ Rate % =
800×3
120×100
=5%
If rate % is increased by 5%, i.e., if rate % = 10%, then
SI=
100
800×3×10
=240
∴Amount=Rs.800+Rs.240=Rs.1,040
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