Gopal invests a sum of ₹5400 and Akshay invests a sum of ₹9400 at the same rate of simple interest per annum. If, at the end of 6 years, Akshay gets ₹720 more interest than Gopal, then find the rate of interest per annum (in percentage).
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 3.
Simple Interest = P × R × T / 100
Difference = (9400 - 5400) × R × 6 / 100
720 = 4000 × R × 6 / 100
720 = 240R
R = 720 / 240 = 3%