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If the interest on Rs. 800 in 2 years is more than the interest on Rs. 400 by Rs. 40 in 2 years. Find the rate of simple interest.
  1. 5%
  2. 6%
  3. 7%
  4. 9%
Explanation

P1 = Rs.800

P2 = Rs.400

Time = 2 years

Difference in S.I. = Rs.40

Formula used:

S.I. = (PRT)/100

Calculation:

(P1RT)/100 – (P2RT)/100 = 40

⇒ RT(800 – 400) = 4000

⇒ R = 4000/800

⇒ R = 5%

∴ The rate of simple interest is 5%.

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