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If a certain sum of money at simple interest amounts to Rs.2520 in 2 years and to Rs.2700 in 5 years. Then the rate of interest is.
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Explanation:
Amount after 5 years Rs.2700
Amount after 2 years Rs.2,520
Interest for3years = Rs.2700 – 2520
= Rs.180
Interest for 2 years =180\3×2 = Rs. 120
Sum = Rs.2520 -120
=Rs.2400
R=100I\PN=100×122\2400×2
= 10040=2 1\2%