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Given:
Principal = Rs. 450,
Rate of interest = 4.5%
simple interest = Rs. 81
Formula:
Simple interest = Principal × Rate × Time/100
Calculations:
Simple interest = Principal × Rate × Time/100
⇒ 81 = 450 × 4.5 × Time
⇒ 81 × 100 = 450 × 4.5 × Time
⇒Time = 81 × 100/450 × 4.5
⇒ Time = 4 years
∴ Time period is 4 years.
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Updated On: 27-06-2022
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