The cash value of a pen is ₹ 60 but the samePen ₹ 20 in cash and ₹ 8 for the next 6 monthsThat you can buy in 6 equal installmentsFind the rate?`
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Answer:
13.33% per 6 month or 26.66% per year
Step-by-step explanation:
Cost of pen = ₹60
Selling price= ₹20+₹8*6 = ₹68
Interest amount= ₹68 - ₹60 = ₹8
Interest rate= ₹8 / ₹60*100%= 13.33% per 6 month or 26.66% per year
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