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Question
The interest on a certain sum of money is Rs. 1,480 in 2 years and at 10 percent per year. Find the sum of money.
Solution
Let P = Rs. x
Time (T) = 2 years
Rate (R) = 10%
∴ Interest =`("P"xx"T"xx"R")/100=("x"xx10xx2)/100="x"/5`
`"x"/5` = Rs. 1480 ...(Given)
∴ x = 1480 × 5 = Rs. 7400
Hence the money Rs. 7400.
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