What sum of money lent out at 16 per cent per annum simple interest would produce ₹9600 as interest in 2 years 6 months?
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Step-by-step explanation:
Hence, the sum is ₹30,000.
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Given,
Rate of interest (R) per annum.
Time period (T) years
months
years. (Since,
months
year).
Simple interest (I) .
Here, we need to find the principal amount.
We know that, .
Where, Simple interest.
Principal amount.
Time period.
Rate of interest.
.
Hence, the sum of money lent out is .
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