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Question
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be ______.
Options
12%
15%
4%
10%
Solution
If the interest on 1700 rupees is 340 rupees for 2 years the rate of interest must be 10%.
Explanation:
Given:
Principal (P) = 1700 rupees,
Total interest (I) = 340 rupees
Time (T) = 2 years
Formula:
Rate of interest (R) = `("I"xx100)/("P"xx"T")`
Solution:
Rate of interest (R) = `(340xx100)/(1700xx2)`
= `34000/3400`
= 10%
RELATED QUESTIONS
A page from the ‘Savings Bank’ account of Priyanka is given below:
| Date | Particulars |
Amount (Rs.) |
Amount deposited (Rs.) |
Balance (Rs.) |
| 03/04/2006 | B/F | 4000.00 | ||
| 05/04/2006 | By cash | 2000.00 | 6000.00 | |
| 18/04/2006 | By cheque | 6000.00 | 12000.00 | |
| 25/05/2006 | By cheque | 5000.00 | 7000.00 | |
| 30/05/2006 | By cash | 3000.00 | 10000.00 | |
| 20/07/2006 | By self | 4000.00 | 6000.00 | |
| 10/09/2006 | By cash | 2000.00 | 8000.00 | |
| 19/09/2006 | To cheque | 1000.00 | 7000.00 |
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