If rs.750 amounts to rs.885 in 3 years at simple intrest , find the rate of interest .
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Answer:
Rate of interest = 6 per cent per year
Step-by-step explanation:
P = initial amount = Rs.750
R = rate of interest per cent per year
T = time period in years = 3
Simple interest = SI = (P*R*T)/100
A = final amount = P + SI = 885
SI = (P*R*T)/100
= 750*R*3/100
= 2250*R/100
A = P + SI
885 = 750 + 2250*R/100
88500 = 75000 + 2250*R
13500 = 2250*R
R = 13500/2250
R = 6
Rate of interest = 6 per cent per year
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