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Question
₹ 9000 becomes ₹ 18000 at simple interest in 8 years. Find the rate per cent per annum.
Solution
Given, P = ₹ 9000, A = ₹ 18000 and T = 8 yr
As we know, A = P + I
⇒ I = A – P = 18000 – 9000
⇒ I = ₹ 9000
Now, I = `(P xx R xx T)/100`
⇒ R = `(I xx 100)/(P xx T) = (9000 xx 100)/(9000 xx 8)`
∴ R = 12.5%
Hence, the rate of interest per annum is 12.5%.
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