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  4. At what rate of interest will Rs. 4800 earn an interest of Rs. 2400 in 3 years?

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Q. At what rate of interest will Rs. 4800 earn an interest of Rs. 2400 in 3 years?

Simple Interest and Compound Interest

Solution:

Here, $\mathrm{P}=$ Rs. 4800 ; S.I. $=$ Rs. 2400 ; Time $=$ 3 years
Let ' $R$ ' be the rate of interest p.a
Then, $, \mathrm{R}=\frac{100 \times \mathrm{S} . \mathrm{I} .}{\mathrm{P} \times \mathrm{T}} =\frac{100 \times 2400}{4800 \times 3} $
$ =\frac{50}{3} \%=16 \frac{2}{3} \%$