Math Problem Statement
A sum of money amounts to Rs. 9800 after 5 years and Rs. 12005 after 8 year at the same rate of simple interest. The rate of interest per annum is:
A) 5% b) 12% D) 15%
C) 12%
E) None of these
Solution
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Math Problem Analysis
Mathematical Concepts
Simple Interest
Algebra
Arithmetic
Formulas
Simple Interest formula: A = P + (P * r * t / 100)
Annual interest: Interest for 1 year = Total interest for n years / n
Rate of interest: r = (Interest * 100) / (Principal * Time)
Theorems
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Suitable Grade Level
Grades 9-10
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