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Find the principal of which the monthly interest is `1Rs` at the rate of `5%` annual simple interest. |
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Answer» Let the principal be `Rs x` Now, `1` month `=(1)/(12)` year `:.` Simple interest `=Rs(x xx5xx1)/(100xx12)=Rs(x)/(240)` As per question, `(x)/(240)=1impliesx=240` `:. ` The required principal `=Rs240` |
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