Fill in the blanks to make the statement true: Interest on ₹ 3000 at 10% per annum for a period of 3 years is ________.

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Solution

Given,
principle amount $p = 3000$
rate of interest $r = 10 %$
the time period in years $t = 3$
We need to calculate the interest
To find the interest we use the formula
$I n t e r e s t = \frac{p \times t \times r}{100}$
where p is the principle amount
t is the time period
r is the rate of interest
By using the above formula
$\begin{array}{rcl} I n t e r e s t & = & \frac{3000 \times 10 \times 3}{100} \\ = & \frac{300 \times 1 \times 3}{1} \\ = & 300 \times 3 \\ = & 900 . \end{array}$
Hence, Interest on ₹ 3000 at 10% per annum for a period of 3 years is ₹ 900

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