At what rate of simple interest $4500 w i l l b e c o m e$ 5040 after 2 years?

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Solution

Principal (P) = $4500 F i n a l A m o u n t (A) =$ 5040
Simple Interest (SI) = Final Amount Principal = $ 5040 $4500 =$ 540
Time (T) = 2 years
Let the required rate of interest be R%
$SI equals fraction numerator straight P cross times straight R cross times straight T over denominator 100 end fraction 540 equals fraction numerator 4500 cross times straight R cross times 2 over denominator 100 end fraction space left parenthesis cross space multiply right parenthesis 54000 equals 9000 straight R straight R equals 54000 over 9000 equals 54 over 9 equals 6 percent sign$
Therefore, at 6% rate per annum the money $4500 w i l l b e c o m e$ 5040 after 2 years

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