Find the simple interest and amount for principal ₹3000, rate 11/5%p.a, time 4 years
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Answer:
Principal (P) = ₹3000
Rate (R) = 11/5%
Time (T) = 4 years
Simple Interest (SI) = PRT/100
=> SI = 3000 × 11/5 × 4/100
=> SI = ₹264
Amount = P + SI = ₹3000 + ₹264 = ₹3264
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