ratio of principal and yearly amount is 16:17. the rate of interest per annum is
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Given that the ratio of principal and yearly amount is 16:17.
Suppose principal and yearly amount is 16x, 17x
Interest=17x-16x=x
Interest rate per annum= interest/principal*100= x/16x*100=
Therefore, the rate of interest would be 6.25 per annum
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The ratio of principal and yearly amount = 16:17 => 16x and 17x.
Now you can calculate the Interest =17x-16x=x.
The formula to find the Rate of Interest per annum = (interest/principal)*100.
Rate of Interest per annum = (interest/principal)*100 = (x/16x)*100 => 0.0625 *100 => 6.25.
The rate of the interest is 6.25 per annum.
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