The simple interest accrued in 5 years on a principal of rs. 24000 is one-tenth the principal. What is the rate of interest?
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2% is the rate of interest.
Explanation:
Principal = 24000
Interest = 1/ 10 x 24000 =2400 for 5 tears
Interest per year = 2400/5 = 480
Rate of interest: 480/24000 x 100 = 2 %
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