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Question
The ______ of interest on a sum of ₹ 2000 at the rate of 6% per annum for `1 1/2` years and 2 years is ₹ 420.
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Solution
The sum of interest on a sum of ₹ 2000 at the rate of 6% per annum for `1 1/2` years and 2 years is ₹ 420.
Explanation:
Given, P = ₹ 2000 and R = 6%
For `1 1/2` years,
`I = (P xx R xx T)/100`
= `(2000 xx 6 xx 3)/(100 xx 2)`
= ₹ 180
For 2 years,
`I = (P xx R xx T)/100`
= `(2000 xx 6 xx 2)/100`
= ₹ 240
∴ The sum of both interests is ₹ (180 + 240), i.e. ₹ 420.
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