If the simple interest charged for 9 months be 0.09 times the money borrowed, find the
interest per annum.
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Answer:
Let principal be Rs.100
Simple interest = 0.09 of principal
=0.09× 100
=9/100×100 = 9
Time=9 months=9/12 yr
Rate= SI×100/P×T
=9×100×12/100×9=12%
Therefore,Rate=12%
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