Please answer with step by step explanation .
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Raman was standing outside_____it was raining
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Answer:
Interest = Rs 56
Step-by-step explanation:
Principal, P = 400
Rate of interest, r = 7%
Time period, t = 2years
The formula for simple interest is, I = P * r * t
where I = Interest
P = Principal
r = Rate of interest
t = Time period
Therefore, I = 400 * 0.07 * 2
I = 56
Interest = Rs 56
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