the amount for a sum of money in 5 years is Rs. 15625 and in 3 years at the same rate of interest is Rs.10000. Find the rate of interest
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Answered by
2
Answer:
18.75%per year
Step-by-step explanation:
let the rate be r
principal=Rs 10000
time=3yr
amount = Rs 15625
Simple Interest =amount-principal
=15625-10000
=5625
5625=p*t*r/100
5625=10000*3*r/100
r=5625/300
r=18.75
so, the rote of interest is 18.75%per year
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