What rate gives Rs.2240 as interest on a sum of Rs.56,000 in 2 years in percent
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Hope it helps you. And always do remember the formula SI = (P*R*T)/100 and do algebraic manipulations on it find every other answer related it to it.
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Answer:
principal = Amount- simple interest
56000 - 2240
=53760 Rs.
principal=53760 Rs
simple interest = 2240 Rs
time = 2 years
rate = ?
rate = simple interest×100/Principal×time
= 2240×100/53760 ×2
= 8.3%
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