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A sum of Rs.1600 gives a simple interest of Rs. 252 in 2 years and 3 months. The rate of interest per annum is:
1. 6%
2. 7%
3. 8%
4. \(5\dfrac{1}{2}\)%

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Correct Answer - Option 2 : 7%

Given:

Principal = 1600 Rs.

T = 2 years 3 months = 9/4 years

S.I = 252 Rs.

Formula:

SI = PRT/100

Calculations:

R = (100 × SI)/(P × T)

⇒ R = (100 × 252)/[1600 × (9 / 4)]

⇒ R = 7%

∴ Rate of interest is 7% per annum

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