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A bank pays ₹ 240 as interest for 2 years for a sum of Rs.3000 deposited as savings. Find the rate of interest given by the bank.

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The formula for simple interest is given by
Interest (I) = P x R x T/100

Where P is principal amount; R is rate of interest in percentage; T is time period Substituting given values in formula, we get

P = 3000, T = 2 yrs, I = Rs 240

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