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Question
A sum of ₹ 48,000 was lent out at simple interest and at the end of 2 years and 3 months the total amount was ₹ 55,560. Find the rate of interest per year
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Solution
Given Principal P = ₹ 48,000
Time n = 2 years 3 months
= `2 + 3/12` years
= `2 + 1/4` years
= `8/4 + 1/4` years
= `9/4` years
Amount A = ₹ 55,560
A = P + I
55560 = 48000 + I
I = 55560 – 48000 = ₹ 7560
∴ Interest for `9/4` years = ₹ 7560
Simple intrest = `"Pnr"/100`
7560 = `48000 xx 9/4 xx "r"/100`
r = `(7560 xx 4 xx 100)/(9 xx 48000)`
= 7.09%
= 7%
Rate of interest = 7% Per annum
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