Simple interest on a sum of money is of the sum. If the rate is 4 % per annum, find the time.
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Answer:
T=2years,R=4%,S.I.=340
S.I.=100P×R×T
340=100P×2×4
34000=8P⇒4250=P
A=P(1+100R)2
A=4250(1+1004)2
A=4250×100104×100104
A=4596.8
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