If ₹10000 becomes ₹11000 after 2year at a certain rate of interest, find the rate of interest.
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Step-by-step explanation:
As per simple interest formula:
Amount= Principal× interest× time /100
11,000= 10,000 × interest × 2/100
11,000÷ 10,000 = interest × 0.02
1.1 =interest × 0.02
interest = 55%
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