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If the rate of interest is 8% per annum and Rs. 10000 lent at the compound interest half yearly then calculate the equivalent simple rate of interest for the first year?1). 8.16%2). 9%3). 7%4). 10% |
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Answer» Rs. 10000 lent at the rate of INTEREST 8% compounded half yearly, ∴ EQUIVALENT Rate of interest for the FIRST YEAR = 4 + 4 + (4 × 4)/100 = 8.16% |
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