Ms. Maya deposits an amount of Rs 17,800 and obtained Rs 31,684 at the end of 6 years. What was the rate of simple interest per year?
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Answer:
rate of simple interest per year = 13 %
Step-by-step explanation:
Principle = Rs 17800
Sum obtained = Rs 31684
Simple Interest = 31684 - 17800 = Rs 13884
Simple Interest = (principle * Rate of interest * time)/100
Let say Rate of interest = R % per annum
13884 = 17800 * R * 6/100
R = 13884/(178 * 6)
R = 2314/178
R = 13 % per annum
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