Question

the simple interest accrued on an amount of Rs. 12050 at the end of 7 years is 6748. what is the rate of interest per year ?

Answer 1

SI = PRN
.: 6748 = 12050 × R ×7
.: R = 6748/12050 ×7
.: R = 0.08 p.c.p.a

.: RATE OF INTEREST PER YEAR IS 0.08 p.c.p.a

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