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amount= RS 500,time = 1 year , interest = RS 30. find rate of interest? amount= RS 2 , time = 1 month, interest = RS 3. find rate of interest?how can we find rate of interest?

When the amount of interest, the principal and the time period are known, you can use the derived formula from the simple interest formula to determine the rate. I=Prt becomes r=I/Pt. Remember to use 14/12 for time and move the 12 to the numerator in the formula above. 


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