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Simple interest = ₹7200, principal = ₹20,000, time = 3 years. Find the rate of interest.

1. 10%
2. 11%
3. 12%
4. 13%

Correct answer: 12%

Solution

Using SI = (P × R × T)/100, we get 7200 = (20000 × R × 3)/100. Solving gives R = 12%.

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