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Question

The interest on a certain sum of money is 0.24 times of itself in 3 years. Find the rate of interest.


Solution

Let the sum borrowed =Rs. 100
Time =3 years
Let rate of interest =r%
=100×3×3100
=3r=(0.24)(100)=24 (Given)
r=243=8
Hence, required rate of interest=8%


Mathematics
Concise Mathematics
Standard VIII

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