The interest earned on ₹21,000 in 3 years at simple interest is ₹6,400. What is the rate of interest per annum?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. .
We know,
Simple interest (SI) = PRT/100
Where P = principal, R = rate and T = time
According to the question;
⇒ 6400 = (21000 × 3 × R)/100
⇒ 6400/630 = R
⇒ R =