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The difference between compound interest and simple interest at the same rate of interest $\text{R}$ percent per annum on an amount of $\text{Rs. 7500}$ for $2$ years is $\text{Rs. 48.}$ What is the value of $\text{R}$ ?

  1. $8 \%$
  2. $9 \%$
  3. $10 \%$
  4. insufficient data to determine
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