Question

the simple interest of rs6240 for 2 years becomes rs 546 then the rate is:

Answer 1

the rate is 8.75₹....

Answer 2

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Here is your answer
P = Rs 6240
R = r let
T = 2 years
SI = Rs 546

As we know the formula
SI = PRT/100
$546 = \frac{6240 \times 2 \times r}{100} \\ r = \frac{546 \times 100}{6240 \times 2} \\ r = 4.375\%$

Therefore Rate of interest is 4.375%

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