A sum of ₹2,430 gives a simple interest of ₹1,093.50 in 3 years. The rate of interest per annum is:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. 15%.
Simple Interest = Principal × Rate × Time / 100
⇒ 1093.50 = 2430 × R × 3 / 100
⇒ R = (1093.50 × 100) / (2430 × 3)
⇒ R = 109350 / 7290
⇒ R = 15%