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Question
What is the rate of interest, if ₹3,750 amounts to ₹4,650 in 4 years?
Sum
Solution
Principal (P) = ₹ 3750
Amount (A) = ₹ 4650
∴ S.I. = A - P = ₹ 4650 - 3750 = ₹ 900
Time (T) = 4 years
∴ Rate = `("S.I" xx 100)/("P" xx "T")`
`= (900 xx 100)/(3750 xx 4)` = 6 % p.a.
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