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If a sum of money amounts to Rs. 2175 in 3 years and to Rs. 2625 in 5 years.Find the rate of interestsl
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Sagot :

The rate of interest applied on the amount is 15%.

According to the statement

we have given that the sum of money amounts to Rs. 2175 in 3 years and to Rs. 2625 in 5 years.

And we have to find the rate of interest on this money.

So, For this purpose,

The given equation is:

Money in 3 years = 2175

Money in 5 years = 2625

Amount increased in 2 years = 2625-2175

Amount increased in 2 years = 450

And amount increased per year = 450/2

Amount increased per year = 225.

SI in 3 years=450/2 *3=Rs. 675

Principal amount= 2175-675=1500

so again,

R=(I*100)/(P*T)

R=15%

So, The rate of interest applied on the amount is 15%.

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