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Question
At a rate of 10 p.c.p.a., what would be the interest for one year on rupees 6000?
Solution
Given:
Principal (P) = 6000 rupees
Rate of interest (R) = 10%
Time (T) = 1 year
Now, Interest = `("P"xx"R"xx"T")/100`
`=(6000 xx 10 xx 1)/100`
`= 60000/100`
= 600 rupees
Hence, the interest for one year would be 600 rupees.
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