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Question

Karim deposited a sum of Rs.9000 in a bank. After 2 years, he withdrew Rs.4000 and the end of 5 years, he received Rs.8300. Find the rate of interest on the sum he received.

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Solution

Let rate be r% p.a
After two years,
I=18000r100=180r

after two years, A=9000+180r
after withdrawl =P2=5000+180r

Total amount of be received after 5 years
=9000+9000×5×r100=450r+9000=4000+8300=12300
=9000+450r=12300
r=3300450=7.34%

Hence, this is the answer.

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