What is the simple interest on Rs. 100 @1% per annum for one year?
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Answer:
Rs. 1
Step-by-step explanation:
interest = P × T × R÷100
where:
P = Principal
T = Time
R = Rate
From the question;
The principal = Rs.100
rate = 1 percent
Time = per annum ( 1 year)
so; interest =
100 × 1 × 1÷ 100
100 ÷ 100 = 1
Therefore the interest is Rs. 1
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