What rate of interest gives 1,400 as an interest on a sum of 21,000 in 2 years? Explain In step by step all the methods
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Answer:
Given information:
- Simple interest I=1400.
- Principal amount P=21000
- Time T=2 years.
Step-by-step explanation:
The simple interest is given as,
Here, R is the rate.
The expression for the time is given as,
Substituting all known values,
Therefore, the rate of Interest is 3.33%.
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