Sum
The simple interest on a certain sum of money is `3/8` of the sum in `6 1/4` years. Find the rate percent charged.
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Solution
Let P = Rs.8
S.I. = Rs.`3/8xx8`
= Rs.3
T =`6 1/4` years = `25/4` years
We know that :
R =`(100xx"I")/("P"xx"T")`
`=(100xx3)/(8xx25/4)=(100xx3)/8xx4/25=2xx3`
= 6%
Concept: Concept of Principal, Interest, Amount, and Simple Interest
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