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3 December, 07:18

Find the annual rate of interest.

Principal = 2350=2350equals, 2350 rupees

Period = 2=2equals, 2 years

Total amount = 2867=2867equals, 2867 rupees

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  1. 3 December, 07:25
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    Thus the annual rate of interest is 11%.

    Step-by-step explanation:

    Total amount is principal + interest = 2,867

    To calculate for the interest amount = total amount - principal

    = 2867 - 2350 = 517%.

    to find rate, the formula I = PRT is used where P is the principal, R is the rate and T is the time

    thus, R = I / PT = 517 / (2350x2) = 517 / 4700 = 0.11 = 11%

    Thus the annual rate of interest is 11%
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