Question

The simple interest accrued in 10 years on a principle of Rs. 15,500 is 120 percent of the principle. What is the rate of interest p.c.p.a. ?
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Answer 1

Answer: rate of interest is 0.08%

Step-by-step explanation:

Given: P= ₹15,500,

N= 10 years,

I= 120%

To find:rate of interest (R)

Soln: 120=P*R*N/100

120=15,000*R*10/100

120*100=150000*R

12000/150000=R

12/150=R

R=0.08%