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At what rate percent per annum, simple interest will ₹66000 amount to ₹72720 in 2 years?
Given :
Principal $P = Rs. 66000$
Amount $A = Rs. 72720$
Time $T = 2$ years
To do :
We have to find the rate of interest.
Solution :
Let the rate percent be R.
We know that,
$Amount (A) = Principal (P) + Simple Interest (SI)$
$Simple Interest (SI) = Amount (A) - Principal (P)$
$= Rs. (72720 - 66000)$
$= Rs. 6720$
$$SI = \frac{PRT}{100}$$
Therefore,
$Rs. 6720 = \frac{(66000 \times R \times 2)}{100}$
$Rs. 6720 = 660 \times R \times 2$
$R = \frac{6720}{(660\times2)}$
$R = 5.09$
The rate percent is 5.09%.
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