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The simple interest eamed on a certain sum in 5 years is 30% of the sum. Find the rate of interest⚠️Don't spam , give best explanation ❗❗⚠️​

Answer»

GIVEN:

The SIMPLE interest eamed on a certain SUM in 5 years is 30% of the sum. FIND the rate of interest

To Find:

The rate of interest.

Solution:

Let the sum (P) = ₹ 100

S.I. = \frac{30}{100}×{₹100}={₹30}

Period (T) = 5 years

 ∴ Rate =

\frac{S.I.×100}{P×T}=\frac{30×100}{100×5} = 6%

So, the rate of interest is 6%


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