The simple interest eamed on a certain sum in 5 years is 30% of the sum. Find the rate of interest
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1
Let's,
Principal = ₹1000
Simple Interest = 30% of Principal
Simple Interest = 30/100 × ₹1000
Simple Interest = ₹300
Rate = (Simple Interest × 100)/(Time × Principal)
Rate = (300 × 100)/(5 × 3000)
Rate = 6%
Answered by
3
Let the sum = (P) = ₹ 100
S.I. = (30/100) × ₹ 100 = ₹ 30
Period (T) = 5 Years
∴ Rate = (S.I. × 100)/(P × T) = (30 × 100)/(100 × 5) = 6%
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