What is the rate of interest when principal is ₹300, time period is 4.5 years and interest is ₹300?
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Given: principal = ₹300
time = 4.5 years
interest = ₹300
We have to find the rate of interest
We will use the formula of simple interest
simple interest = ( p × r × t )/100
putting the values in the above formula
300 = ( 300 × r × 4.5 )/100
100/4.5 = r
23.809 = r
Hence, the rate of interest will be 23.809%
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