Keshav invests a sum of ₹5400 and Tushar invests a sum of ₹10200 at the same rate of simple interest per annum. If, at the end of 3 years, Tushar gets ₹360 more interest than Keshav, 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. 2.5.
Difference in interest = 360
Difference in principal = 10200 − 5400 = 4800
Time = 3 years
Interest difference = (Difference in principal × Rate × Time) / 100
360 = (4800 × R × 3) / 100
360 = 144R
R = 360 / 144 = 2.5%