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On a principal of Rs. 30,000, an interest of Rs.2400 was paid for 1 year. Determine the rate of interest.

Asked by Topperlearning User 8th December 2013, 11:31 PM
Answered by Expert
Answer:

Here, P = 30,000, S.I. = Rs. 2,400 and T = 1 year

 

Using the formula, 

                           R = 

                               =  = 8%

Answered by Expert 9th December 2013, 1:31 AM
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