Find the simple interest on Rs 500 for five years at the rate of 2% per annum?
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Given - Principal, rate and time
Find - Simple interest
Solution - Simple interest can be calculated by the formula - Principal*rate of interest*time/100
Simple interest = 500*5*2/100
Cancelling zero from both numerator and denominator as it is present in both
Simple interest = 5*5*2
Performing multiplication
Simple interest = 25*2
Simple interest = 50
Hence, the simple interest as per given information is Rupees 50.
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