Mini borrowed Rs. 7500 from the State Bank of India for 3 years. She
paid an amount of Rs.9300 at the end of the period. How much rate of
interest did the bank charge her?
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Answer:
use compound interest formula
The formula for compound interest is A=P (1 + r/n)^(nt), where P is the initial principal balance, r is the interest rate, n is the number of times interest is compounded per time period and t is the number of time periods.
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