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A sum of Rs. 1600 gives a simple interest of Rs. 252 in 2 years and ,8 months. The rate of interest per annum is:
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Explanation:
Time = 2years 3 months
=2+3\12=94years
We know SI=P×R×T\100
P=Rs.1600,T=9\4years,SI=Rs.252
Put values in the above formula
=252=1600×R×9\4×100
=252=36R
=R=252\36=7%