Given:
SI = 8400
CI = 8652
Time = 2 years
R = ?
Calculation:
CI - SI = 8652 – 8400 = 252
Simple interest for 2 years = 8400
Thus, SI for 1 year = = 4200
This interest is offered on interest of 1st year
∴ Rate of interest = ×100= 6%
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