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Question
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ______.
Options
12%
15%
4%
10%
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Solution
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be 10%.
Explanation:
Given:
Principal (P) = 1700 rupees,
Total interest (I) = 340 rupees
Time (T) = 2 years
Formula:
Rate of interest (R) = `("I"xx100)/("P"xx"T")`
Solution:
Rate of interest (R) = `(340xx100)/(1700xx2)`
= `34000/3400`
= 10%
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Fill in the blanks in the table.
| Principal | Rate of interest (p.c.p.a.) | Time | Interest | Amount |
| ...... | 5% | ...... | 6000 | 18000 |
